Feb 2021 Inflation Aimed at 4.7%

Inflation rate for February 2021 is forecast to increase between 4.3-percent and 5.1-percent, higher that the 4.2-percent inflation rate in January.

Bangko Sentral ng Pilipinas (BSP) Governor Benjamin Diokno cites 4.7-percent as the point inflation figure for February.

the central bank chief said that the rate of price increases this month are due to the rise in in global crude oil prices and fish prices, In a Viber message sent to the media Friday, via PNA.

However, the said factors to the uptick in the inflation rate are countered by various policies set by the government, such as the temporary price freeze on meat products in the National Capital Region, along with stable prices for rice, according to Diokno.

He added that the BSP is also committed and ready to take action for price stability and further economic growth.

“Looking ahead, the BSP stands ready to take necessary policy actions to ensure the delivery of its primary mandate of price stability conducive to a balanced and sustainable economic growth,” the central bank chief said.

The inflation rate increase is forecast to rise until the second and third quarters of the year. Reasons for the forecast continuous rise due to the meat supply shortage due to the African swine fever (ASF).

The Philippines has been affected by the ASF, with only a couple of regions in the country remain to be free from the virus.

Region 7, particularly the Cebu province and Cebu City, have set up policies banning meat products from other places to prevent the spread of ASF in the vicinity. (GFB)