PH Inflation Expected to Range Between 3.5% to 4.3% in April: BSP

Bangko Sentral ng Pilipinas (BSP) announced on Tuesday that the inflation rate could be at 3.5% to 4.3%.

BSP said in a Facebook post that this upward trend is caused by the increasing prices of essential goods and gasoline prices, as well as the depreciation of the peso.

“The BSP projects April 2024 inflation to settle within the 3.5% to 4.3% range. Continued price increases for rice and meat, along with higher gasoline prices and the peso depreciation are the primary sources of upward price pressures for the month,” BSP said in a Facebook post.

However, BSP noted that the lower prices of fish, fruits, and vegetables, along with lower electricity rates and a rollback in LPG prices, could offset the inflationary pressures.

“Meanwhile, lower prices of fish, fruits, and vegetables, as well as lower electricity rates and the rollback in LPG prices, could offset the upside price pressures,” the BSP added.

BSP assured that it remains vigilant in monitoring developments that could impact both inflation and economic growth.

The official inflation figures for April will be released by the Philippine Statistics Authority (PSA) on May 7. (ASC)