The Bangko Sentral ng Pilipinas has retained its key interest rates at their record low on Thursday despite forecasting above-target average inflation rate this year.
Consumer price growth in the country last month climbed to an over two-year high of 4.7 percent on the back of higher pork prices in areas outside Metro Manila.According to BSP Governor Francisco Dakila Jr., the central bank hiked its inflation outlook from 4 percent to 4.2 percent for this year. The 2022 projection was revised upward to 2.8 percent from 2.7 percent.
Meanwhile, Diokno said the balance of risks to the inflation outlook remains broadly balanced around the baseline path in 2021, while leaning toward the downside in 2022.
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