The Bangko Sentral ng Pilipinas (BSP) projects February 2024 inflation to remain within the government’s target range.
In a statement on Thursday, the BSP said headline inflation will likely settle within the range of 2.8 to 3.6 percent.
“Continued price increases for key food items, such as rice, meat, and fish, along with increased petroleum prices and electricity rates are the primary sources of upward price pressures for the month,” the central bank said.
The BSP noted, however, that lower prices of vegetables, fruits, and sugar could contribute to downward price pressures.
“Going forward, the BSP will continue to monitor developments affecting the outlook for inflation and growth in line with its data-dependent approach to monetary policy decision-making,” the BSP said.
Headline inflation settled at 2.8 percent in January this year, the lowest recorded since the 2.3 percent in October 2020.*PNA
