Manila – The Bangko Sentral ng Pilipinas (BSP) forecasts that headline inflation for June will be between 3.4 percent and 4.2 percent.
According to Philippines News Agency, this month’s inflationary pressures are mainly driven by higher prices of agricultural commodities such as rice, vegetables, meat, and fish, coupled with the depreciation of the peso and rising domestic oil prices. However, the central bank also noted potential offsets such as lower electricity rates and decreasing fruit prices that could temper overall inflation. "Going forward, the BSP will continue to monitor developments affecting the outlook for inflation and growth in line with its data-dependent approach to monetary policy formulation," stated the BSP. The official inflation data for June 2024 will be released by the Philippine Statistics Authority next week.