The Manila Times
MANILA, Philippines — Higher local fuel and electricity costs due to the Middle East conflict, along with a weaker peso, could have pushed inflation to a three-year high in April, the Bangko Sentral ng Pilipinas (BSP) said on Thursday. Consumer price growth was forecast to have hit 5.6 to 6.4 percent, above the 2.0- to 4.0-percent target and higher than the 4.1 percent recorded in March. Inflation at the top end, if realized, would be the highest since April 2023’s 6.6 percent. Data for April will be released by the Philippine Statistics Authority on May 5. “Inflation risks have intensified amid upward price pressures from significantly higher domestic petroleum prices, rising prices of key food items such as rice, fish, and meat, increased electricity charges, and the peso depreciation,” the central bank said in the statement. “The anticipated decline in vegetable and fruit prices may help temper inflation, but sources of upside price pressures continue to warrant close monitoring,” it added.
Go to News Site