Red and white onions are being sold from 50 to 60 pesos per kilo at a public market in Lingayen, Pangasinan on February 3, 2024.MANILA, Philippines — The Bangko Sentral ng Pilipinas sees inflation quickening further and staying above the two to four percent target until the third quarter due to the negative impact of weather conditions on agricultural production.
“Looking ahead, the Monetary Board will consider the latest inflation outturn in its upcoming monetary policy meeting on April 8. The BSP also continues to support the national government’s non-monetary measures to address supply-side pressures on prices and sustain the disinflation process,” the BSP added.
“Looking closely, however, the rise is mostly due to unfavorable base effects. Once these base effects wear off in August, inflation should immediately return to within the BSP’s target band,” he added. “The good news is that this spillover seems to be benign so far, with core CPI easing year-on-year. This showcases that monetary policy is in the works and that there is no impending need for the BSP to raise policy rates further,” he said.
Inflation
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