According to the monetary authority, key factors that are still contributing to upward price pressures include increased costs of agricultural commodities such as rice, vegetables, meat, and fish, coupled with peso depreciation and higher domestic oil prices.
Conversely, however, lower electricity rates and fruit prices are expected to help offset these inflationary factors.
This forecast suggests a potential decrease from May’s inflation rate of 3.9 percent, which was slightly higher than April’s 3.8%.
The central bank having projected a range of 3.7 to 4.5 percent for May. The Philippine Statistics Authority is scheduled to release the official inflation rate for June on July 5, 2024.
The BSP said it remains vigilant, closely monitoring factors influencing inflation and economic growth to ensure informed monetary policy decisions.
