The Bangko Sentral ng Pilipinas (BSP) on Tuesday said the country's inflation rate for the month of February will remain elevated, ranging between 8.5 to 9.3 percent, exceeding the record-high 8.7 percent in January.
In a statement, the central bank cited the increase in the prices of food items, such as pork, fish, egg and sugar as well as the LPG prices, as additional drivers of the peak for February.
These factors, however, are seen to be countered by the lower prices for domestic petroleum, fruits and vegetables, chicken, and beef.
“The BSP will continue to adjust its monetary policy stance as necessary to prevent the further broadening of price pressures as well as the emergence of additional second-order effects,” the BSP said, also suggesting continued increases in its policy rate.
In January, the Philippine inflation hit a new record high of 8.7 percent in January 2023 from 8.1 percent in December 2022.
It was also the fastest pace in the last 15 years, according to the Philippine Statistics Office (PSA).
