INFLATION in April is expected to range from 3.5 to 4.3 percent, the Bangko Sentral ng Pilipinas said yesterday.
After slowing to 2.8 percent in January, inflation again quickened to 3.4 percent in February and 3.7 percent in March amid high fuel and food prices, particularly rice.
For April, the BSP said the falling value of the peso against the US dollar has also become a factor.
“Continued price increases for rice and meat along with higher gasoline prices and the peso depreciation are the primary sources of upward price pressures for the month,” the BSP said.
The central bank however also said that lower prices of fish, fruits, vegetables as well as lower electricity rates and the rollback in LPG prices could offset the upside price pressures.
BSP governor Eli Remolona has said that the peso’s depreciation was not a case of weakness of the local currency, but the strength of the dollar, which appreciated against most other currencies amid expectations that the US Federal Reserve will keep US rates high longer.
The official inflation numbers will be released on May 7 by the Philippine Statistics Authority. (ABS-CBN News)
