MANILA -The rate of growth in prices of goods and services commonly purchased by households may have slowed down yet again in June to somewhere in the range of 5.3 percent to 6.1 percent, according to the Bangko Sentral ng Pilipinas.
The midpoint of the forecast range — 5.7 percent — suggests that the BSP expects inflation to have eased from 6.1 percent in May and for the fifth month in a row since 8.7 percent in January.
PH inflation rate for May 2023 slows down further to 6.1%
The Philippine Statistics Authority will announce the official readout on July 7.
“The lower prices of meat and fruits as well as the rollback in LPG prices could contribute to downward price pressures during the month,” the BSP said in a statement.
However, higher prices of key food items, such as rice, vegetables, and fish, along with the increase of domestic oil prices and electricity rates as well as the depreciation of the peso are the primary sources of upward price pressures in June.
The BSP’s goal is to keep inflation at 3 percent, or within the range of 2 percent to 4 percent.
READ:
DBCC hikes 2023 inflation projection to 5-7%
Growth forecast hiked as inflation risk lingers