BSP pegs February inflation at 2.8%-3.6%

The Bangko Sentral ng Pilipinas (BSP) is expecting a flat or faster inflation print this month.

In its monthly-ahead inflation forecast on Thursday, the BSP said it projects February inflation rate to settle within the range of 2.8% to 3.6%.

The lower end of the forecast range is the same rate as January’s inflation rate of 2.8%, while the upper end is significantly higher than last month’s print.

“Continued price increases for key food items, such as rice, meat, and fish, along with increased petroleum prices and electricity rates are the primary sources of upward price pressures for the month,” the BSP said.

“Meanwhile, lower prices of vegetables, fruits, and sugar could contribute to downward price pressures,” the central bank added.

The BSP said it will continue to monitor developments affecting the outlook for inflation and growth in line with its data-dependent approach to monetary policy decision-making.

The Philippine Statistics Authority is scheduled to release official inflation n figures for the month of February on March 5, 2024. —Ted Cordero/KBK, GMA Integrated News