MANILA, Philippines—EconomistS from the private sector have raised their inflation forecast for the year, but maintained that the increase in prices of goods and services would likely remain below the government’s target.
This was according to results of the survey conducted by the Bangko Sentral ng Pilipinas on the latest inflation outlook of private-sector economists, whose outlook on price movements somehow influences inflation expectations of the general public.
Results of the survey, conducted by the BSP in the first quarter, showed that the average inflation forecast for 2011 by private-sector economists stood at 4.9 percent.
This was higher than the 2011 inflation forecast of 4.1 percent shown in the survey conducted in the fourth quarter of last year.
Nevertheless, the latest inflation forecast was a hairline below the 5-percent ceiling targeted by the government.
The economists surveyed by the BSP were from 15 commercial and universal banks and think tanks.