MANILA - Pressure is building on the Bangko Sentral ng Pilipinas to raise interest rates as early as next week after inflation overshot its ceiling for the second straight month in April, analysts said.

The consumer price index rose 4.5 percent in April, picking up from 4.3 percent in March. Inflation had accelerated for 4 straight months.

In January, higher duties on fuel, cars and sugary drinks took effect under the first package of tax reforms, which also saw a reduction in personal income tax rates. The government's economic managers said this would have a minimal effect on consumer prices.

Bangko Sentral Governor Nestor Espenilla said Thursday inflation pressures had "spread somewhat" fueling speculation that policy makers could raise interest rates during their May 10 meeting.

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"I expect the BSP to respond by raising interest rates," Bank of the Philippine Islands President Cezar Consing told ANC's Market Edge. "May 10, maybe. Maybe soon after that. They are certainly signalling a slightly more hawkish stance."

The Monetary Board last raised interest rates in September 2014 and the overnight borrowing rate has stayed at 3 percent.

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While consumer prices are rising, smaller increments from March to April, compared to the previous months may indicate that inflation is "close to peak," BPI lead economist Jun Neri said.

For the first 4 months of the year, inflation averaged 4 percent, at the top end of the 2 to 4 percent target, Neri said.

"It's a concern because we continue to see a climb in the headline number. It could trigger monetary authorities to raise policy rates this coming Thursday," Neri said.

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The BSP could raise rates by 25 basis points up to 2 times this year, he said.

Neri said average inflation for the year could still be within target, if the conversion of import quotas on rice into tariffs brings prices of the staple grain down.

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