May inflation likely within 5.8 to 6.6 percent range, says BSP


Posted at May 31 2023 10:09 AM | Updated as of Jun 01 2023 10:47 AM

MANILA — Inflation for the month of May likely settled with the 5.8 to 6.6 percent range, the Bangko Sentral ng Pilipinas said on Wednesday.

May's consumer price index (CPI) could ease further or remain steady at 6.6 percent, based on the month-ahead inflation forecast of the BSP.

In a statement, the central bank said higher prices of rice, vegetables and other key food items as well as the increase in LPG and Meralco electric rates are the primary sources of upward price pressures for the month.

Meanwhile, the cumulative rollback in domestic petroleum prices as well as lower poultry and fish prices as well as electricity rate in various regional power distributors could lead to lower inflation for the month, it added.

"Going forward, BSP will continue to monitor developments affecting the outlook for inflation and growth in line with its data-dependent approach to monetary policy formulation," it said.

If May inflation is lower than 6.6 percent, it would be the 4th straight month of deceleration.


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