THE rise in prices of food and other commodities may be more pronounced in regions outside Metro Manila making it necessary to monitor these conditions for the country’s price and financial stability, according to the Bangko Sentral ng Pilipinas .
In a presentation on Wednesday, BSP Department of Economic Research Acting Director Roselle Manalo said the growth of regions such as Calabarzon and Bicol are well-supported given the positive overall business confidence. “The firms’ concerns for being less optimistic are indeed grounded. Inflation remains elevated across the country,” Manalo said. “The expected upside risks stemmed from first elevated food prices due to higher fertilizer costs and supply chain constraints. We continue to see that and on the domestic front.”
However, the BSP believes this is only temporary. The central bank maintained its stance that inflation will remain elevated only in the first semester of 2023 and gradually decelerate in the second semester. Earlier, BSP said it intends to continue raising interest rates as a precaution against the second-round effects of inflation.
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