SLOWER INFLATION RATE. The Bangko Sentral ng Pilipinas says on Wednesday (Jan. 31, 2024) it expects inflation to settle between 2.8 to 3.6 percent in January 2024. Headline inflation settled at 3.9 percent in December last year. (PNA file photo)
MANILA – The Bangko Sentral ng Pilipinas (BSP) projects headline inflation to settle within the government's 2 to 4 percent target in January.
In a statement on Wednesday, the BSP said inflation rate this month is projected to settle within the range of 2.8 to 3.6 percent.
"Higher prices of some agricultural items like rice, meat, fruits, and fish, along with increased petroleum prices, electricity and water rates, annual adjustment in sin taxes, and the depreciation of the peso are the primary sources of upward price pressures for the month," it said.
However, the BSP said lower prices of vegetables and sugar could contribute to downward price pressures.
"Going forward, the BSP will continue to monitor developments affecting the outlook for inflation and growth in line with its data-dependent approach to monetary policy decision-making," it added.
Headline inflation fell to a 22-month low of 3.9 percent in December last year. (PNA)
