The Bangko Sentral ng Pilipinas (BSP) announced on Wednesday that the country’s headline inflation rate likely fell to 4.3 percent in June, a five-month low.

In a statement, BSP Governor Benjamin Diokno noted that June’s point inflation forecast was within the central bank’s estimated range of 3.9 to 4.7 percent.

The projection is lower than the 4.5 percent increase in May, but higher than the 2.5 percent a year earlier. If the forecast is correct, it will be the lowest in five months, or since January’s 4.2 percent.

On July 6, the Philippine Statistics Authority will issue official June inflation figures.

“Higher prices of domestic petroleum products along with the upward adjustment in Meralco electricity rates and a slightly weaker peso are the main sources of upward price pressures for the month,” Diokno added.

According to the Department of Energy, local oil companies have raised fuel prices four times this month.

Meralco, or Manila Electric Co., on the other hand, increased its per-kilowatt-hour (kWh) cost for households using 200 kWh per month by P0.0798 in June.

In June, Meralco, or Manila Electric Co., increased the cost per kilowatt-hour (kWh) for homes consuming 200 kWh per month by P0.0798.

“These could be partially offset by the decline in prices of key food items, such as rice, meat and fruits due to improved supply conditions,” Diokno said.

“Moving forward,” he said, “the BSP will continue to monitor emerging price developments to ensure that its primary mandates of price stability conducive to balanced and sustainable economic growth is achieved.”

The Bangko Sentral has said its inflation forecasts indicate that the average inflation this year would likely be near the top end of the target range of 2-4 percent. Price constraints on food staples have subsided as a result of favorable weather conditions and the facilitation of meat imports to augment domestic supply.

“The Monetary Board emphasizes that the continued implementation of direct non-monetary measures will be crucial in mitigating further supply-side pressures on meat prices and inflation,” it added.