MANILA – The rate of price increases in the Philippines continues to decelerate, Bangko Sentral ng Pilipinas (BSP) Governor Benjamin Diokno said.
“Inflation continues on its downward path,” Diokno told journalists in a Viber message Thursday.
He, however, did not elaborate.
The Philippine Statistics Authority (PSA) is scheduled to report the May 2020 inflation figure on Friday.
Last April, inflation posted a slower rate of 2.2 percent from the previous month’s 2.5 percent, bringing the year-to-date average to 2.6 percent.
BSP forecasts May 2020 inflation rate to range between 1.9 to 2.7 percent, with the mid-point at 2.3 percent.
The central bank’s Department of Economic Research (DER) said higher domestic oil prices and the uptick in the prices of some agricultural products due to Typhoon Ambo last May are expected to be countered by the lower power rates in areas being serviced by the Manila Electric Company (Meralco).
The government’s inflation target for this year until 2022 ranges between 2 to 4 percent, with the projected average rate for this year at 2 percent. (PNA)