Metro Manila (CNN Philippines, June 30) — The country’s central bank sees lower inflation to continue in June or retain its level a month prior after the drop in prices of meat and fruits, as well as liquefied petroleum gas.
In a statement on Friday, the Bangko Sentral ng Pilipinas (BSP) said the rate of price increases may settle within the range of 5.3% to 6.1%.
Last month’s inflation rate stood at 6.1%.
Upward price pressures, however, may come from higher prices of rice, vegetables, fish, oil products, and electricity rates, as well as weaker peso.
The Philippine Statistic Authority is scheduled to release the June inflation data next week.
Monetary authorities earlier expressed confidence that the government will achieve its target band of 2% to 4% by the latter part of 2023.Finance Secretary Benjamin Diokno even said he believes the inflation rate can further drop below 2% by the first three months of next year.
READ: Lower than 2% inflation possible by Q1 2024 – Diokno
As inflation slowed down in recent months, the BSP was also on a pause in hiking interest rates.
