MANILA - Inflation could settle within the 4.3- to 5.1-percent range in February, Bangko Sentral ng Pilipinas Governor Benjamin Diokno said Friday.
The uptick in global crude oil prices and elevated fish prices could have contributed to the upward price pressures for the month, Diokno said in a Twitter post.
"The BSP projects February 2021 inflation to settle within the 4.3-5.1 percent range," the post read.
Meanwhile, the implementation of a temporary price cap on meat products for the National Capital Region, stable rice prices and lower power rates in Meralco-serviced areas contributed to the downward price pressures for the month, the central bank said.
"Looking ahead, the BSP stands ready to take necessary policy actions to ensure the delivery of its primary mandate of price stability conductive to a balanced and sustainable economic growth," the BSP said.
The consumer price index rose 4.2 percent in January, its highest since the 4.4-percent inflation seen in January 2019.
The rising prices of pork meat products due to the supply shortage brought about by the African swine fever contributed to the upward price pressures for the month.