MANILA - Inflation in May likely settled within the 1.9 percent to 2.7 percent range, the Bangko Sentral ng Pilipinas' Department of Economic Research said Friday.
Higher domestic oil prices, price hikes in select agricultural products due to supply bottlenecks and typhoon Ambo contributed to inflation for the month, the BSP-DER said in a statement.
"The BSP will remain watchful of economic and financial developments, and stand ready to take necessary policy actions to ensure the delivery of its primary mandate of price stability," it said.
The consumer price index rose 2.2. percent in April from 2.5 percent the previous month.
-- with a report from Michelle Ong, ABS-CBN News