In a statement, the BSP said the projected May 2023 inflation may settle within the range of 5.8 to 6.6 percent.
“Higher prices of rice, vegetables, and other key food items as well as the increase in LPG and Meralco electricity rates are the primary sources of upward price pressures for the month,” it said.
“Meanwhile, the cumulative rollback in domestic petroleum prices, as well as lower poultry and fish prices and electricity rates of various regional power distributors, could lead to lower inflation in May,” it added.
The BSP said it will continue to monitor developments affecting the outlook for inflation and growth in line with its data-dependent approach to monetary policy formulation.
The country’s inflation eased to 6.6 percent in April 2023, 13 percent lower than the 7.6 inflation recorded in March.
The May 2023 inflation report is set to be released by the Philippine Statistics Authority on June 6. (SunStar Philippines)