Inflation is seen to accelerate further between 4.3 percent and 5.1 percent for February 2021, with Bangko Sentral ng Pilipinas (BSP) Governor Benjamin Diokno citing 4.7 percent as the point inflation figure.
The point inflation figure for this month is higher than the 4.2 percent actual print last January.
In a Viber message to journalists Friday, Diokno said upside risks to the rate of price increases this month are from upticks in global crude oil prices and fish prices.
These factors are, however, countered by the temporary price caps on meat products for the National Capital Region, stable rice prices, and lower power rates in areas being serviced by the Manila Electric Company (Meralco), he said.
“Looking ahead, the BSP stands ready to take necessary policy actions to ensure the delivery of its primary mandate of price stability conducive to a balanced and sustainable economic growth,” Diokno added.
Monetary authorities have forecast the rise in domestic inflation rate to last until the second to the third quarter of the year due to supply constraints on, among others, meat products due to the African swine fever.