(Eagle News)–The Bangko Sentral ng Pilipinas expects the country’s January 2024 inflation to settle within the 2.8 to 3.6 percent range.
Inflation measures how fast the prices of goods and services are rising.
In its month-ahead inflation forecast, the BSP said the 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.”
The lower prices of vegetables and sugar, meanwhile, it said, 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,” the BSP said.
The Philippine Statistics Authority is expected to release the official inflation figures for January 2024 on February 5.
