Inflation is expected to slow within the second half of the year and settle within the Bangko Sentral ng Pilipinas' target, the central bank said on Monday.

Consumer prices eased slightly to 4.5 percent in March compared to 4.7 percent in February.

"Medyo mataas pa rin ang inflation for the first two quarters this year. Pero bababa rin siya sa second half of the year, so that ang initial forecast namin for this year, our inflation rate will average around 4.2 percent," BSP Governor Benjamin Diokno said in a public briefing.

(Inflation is still be a bit high for the first two quarters this year. But it will slightly ease in the second half of the year so that our initial forecast for this year is our inflation will average 4.2 percent.)

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BSP sees inflation easing to 3.7 to 3.8 percent in 2022, he said.

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