MANILA – Inflation likely settled within the 2.8 to 3.6 percent range in May, following lower rice and oil prices, a Bangko Sentral ng Pilipinas (BSP) think tank said Friday.
Lower rice and local oil prices and the downward adjustment in electricity rates were seen to temper inflation for the month as jeepney fares and food price adjustments in Central Visayas presented upward price pressures, the BSP’s Department of Economic Research said in a statement.
“The BSP will continue to be watchful of evolving price trends to ensure that the monetary policy stance remains consistent with maintaining price stability,” the statement said.
The consumer price index rose 3.3 percent in March, within the government’s 2 to 4 percent target range. (ABS-CBN News)
