BSP: May annual inflation likely in 5.8%-6.6% range

May 31, 2023 - 10:44 AM
BSP building
Facade of the Bangko Sentral ng Pilipinas in Manila. (BSP/Released)

 Philippine annual inflation in May is expected to come in between 5.8% to 6.6%, with downward pressure coming from lower prices of petroleum, poultry and electricity rates, the central bank said on Wednesday.

The Bangko Sentral ng Pilipinas said it will continue to monitor developments affecting the outlook for inflation and growth. Its next rate-setting meeting is on June 22, after keeping policy settings unchanged in May.

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Upward pressures were expected from higher domestic prices of rice, vegetables, and other key food items, it added.

May inflation data is due to be released on June 6. Inflation eased for the third straight month in April, to 6.6%.

—Reporting by Neil Jerome Morales; Editing by Kanupriya Kapoor