It was projected by the Bangko Sentral ng Pilipinas on Monday that the rate of increase in price tags of basic goods continued to slow down in May.
According to the BSP, they expect an inflation rate of 4.4% this month, settling within a 4-4.8% range. The projected figure is lower than the 4.5% figure recorded in April.
BSP Governor Benjamin Diokno cited higher cost of meat, oil products and Meralco electricity rates as main sources of upward price pressures this May. However, he also claimed that this “could be offset” by the dip in prices of key food items like rice, vegetables and fish along with the appreciation of the Philippine Peso.
“Moving forward, the BSP will remain watchful of economic and financial developments to ensure that the monetary policy stance remains consistent with the BSP’s price stability mandate,” said the central bank.
The inflation print for May is expected to be announced by the Philippine Statistics Authority on Friday, June 4.