MANILA - Bangko Sentral ng Pilipinas Governor Nestor Espenilla said Tuesday the rise in consumer prices last month was "in line" with expectations.

The consumer price index rose 3.9 percent in February, higher than 3.4 percent in the previous month based on 2012 prices. The January CPI was computed using 2006 costs.

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"The elevated February inflation figure is in line with our updated forecast for a temporarily higher inflation than target range in 2018 due to transitory factors," Espenilla said in a statement.

"Our forecast remains that inflation will decelerate back to well within target in 2019 whether based on 2006 or 2012 index," he said.

Espenilla said the BSP would "closely monitor" developments with regards to monetary policy.

The BSP's Monetary Board kept borrowing rates steady during its last meeting on Feb. 8. It will meet again on March 22. -- report from Warren de Guzman, ABS-CBN News.