People shop at a supermarket in Makati City. — PHILIPPINE STAR/ RUSSELL PALMA
Security Bank Corp. Chief Economist Robert Dan J. Roces said he now expects gross domestic product to expand by 6% in 2022, slower than the previous forecast of 6.5%. This is below the 7-9% growth target set by economic managers this year. The central bank now expects inflation to reach 4.3% amid the surge in oil and commodity prices due to the Russia-Ukraine war. The consumer price index rose by 4% in March, already matching the upper end of the 2-4% target.
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