MANILA - The Bangko Sentral ng Pilipinas said on Tuesday inflation likely settled between the 8.5 to 9.3 percent range in February.
Upward price pressures for the month were from higher LPG prices as well as the elevated prices of key food items such as pork, fish, egg and sugar, the BSP's Department of Economic Research said in a statement.
On the other hand, the lower prices for domestic petroleum, fruits and vegetables, chicken and beef, along with the peso appreciation could have contributed to the easing in price pressures, it added.
"The BSP will continue to adjust its monetary policy stance as necessary to prevent the further broadening of price pressures as well as the emergence of additional second order effects," it said.
Inflation accelerated to 8.7 percent in January, exceeding the forecast by the central bank.
Economists are expecting another 25 basis points or up to 50 bps interest rate hike in the next monetary policy meeting in May as inflation remains above the government's 2 to 4 percent target.
The Philippine Statistics Authority is set to release the official inflation figures on Tuesday March 7.