By Joann Santiago
MANILA, May 27 (PNA) — The Bangko Sentral ng Pilipinas (BSP) continues to see within-target inflation for the Philippines with the May 2015 range projected between 1.6-2.4 percent.
In a text message to reporters Wednesday, BSP Governor Amando Tetangco Jr. said “downward price pressures may come from the reduction in rice prices and power rates.”
Tetangco, however, said that lower rice and power prices “may be offset by the substantial increase in local oil pump prices as well as higher sugar prices.”
“Going forward, the BSP will continue to keep a watchful eye on the balance of risks in fulfilling its mandate to promote and maintain price stability,” he added.
Rate of domestic price increases from January to April this year averaged at 2.3 percent, at the lower half of the government’s two to four percent target for this year up to 2018.
Last April alone, inflation slowed to 2.2 percent from month-ago’s 2.4 percent due to lower inflation on housing, water, electricity, gas and other fuels among others. (PNA)