MANILA, Philippines — Higher power costs and a slightly weaker currency likely stoked faster consumer price growth in June, although the spike was likely cushioned by more affordable food items. In a statement on Wednesday, the Bangko Sentral ng Pilipinas said it expects inflation to settle between 3.9% and 4.7% this month. In the first 5 months, inflation averaged 4.4%, the fifth straight month that price growth breached the BSP’s own 2-4% annual target. As it is, a month of manageable inflation would allow the BSP to sustain its benchmark rate at all-time and help the economy recover from a pandemic-induced recession. “Moving forward, 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 BSP said.

Source: Philippine Star June 30, 2021 02:37 UTC