Inflation to settle within 1.9 to 2.7 percent range in May: BSP think tank


Posted at May 29 2020 11:30 AM

A street vendor sells deep fry delicacies in Quezon City on May 16, 2020. Jonathan Cellona, ABS-CBN News

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