MANILA: The Bangko Sentral ng Pilipinas (BSP) said headline inflation is projected to settle within the range of 3.4 percent to 4.2 percent this month.
“Increases in the prices of agricultural commodities like rice, vegetables, meat, and fish, along with the peso depreciation and higher domestic oil prices, are the primary sources of upward price pressures for the month,” the BSP said in a statement on Friday.
However, it said lower electricity rates and fruit prices could contribute to the deceleration in inflation.
“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 formulation,” the BSP said.
Headline inflation rose to 3.9 percent in May this year.
Official June 2024 headline inflation data is scheduled to be released by the Philippine Statistics Authority next week.
Source: Philippines News Agency