BSP sees May annual inflation at 3.7% to 4.5%

May 31, 2024 - 3:04 PM
Vendors work at a public market in Quezon City, Philippines, August 9, 2022. (Reuters/Eloisa Lopez/File Photo)

 Philippine annual inflation was likely to be within a range of 3.7% to 4.5% in May, the central bank said on Friday, reflecting upside pressures from higher electricity and vegetable prices which could be offset by lower costs of other food items.

Annual inflation <PHCPI=ECI> in April was 3.8%, marking the third straight month that the pace of price increases has accelerated, but it remained within the central bank’s 2%-4% target range.

“Going forward, the BSP (central bank) will continue to monitor developments affecting the outlook for inflation and growth in line with its data-dependent approach to monetary policy decision-making,” it said in a statement.

The Philippine statistics agency will release May inflation data on June 5. The central bank held its policy rate steady at 6.50% earlier this month and it’s next review is on June 27.

—Reporting by Mikhail Flores; Editing by Martin Petty and John Mair