PH Inflation Rate at 3.7% in January

Bangko Sentral ng Pilipinas (BSP) expects a 3.7% inflation rate in the month of January 2021. 3.7% however, is the inflation rate’s midpoint but it could stay between 3.3-4.1% depending in the situation.

BSP Governor Benjamin Diokno revealed that power rate, price increase in meat, fuel and other basic necessities and even excise tax on tobacco and alcohol are the main reasons for the inflation.

“Going forward, the BSP will remain watchful of economic and financial developments to ensure the delivery of its primary mandate of price stability conducive to a balanced and sustainable economic growth,” said Diokno

On December 2020, a inflation rate rose up to 3.5%, greater than November’s 3.3%.

The average inflation rate for 2020 is only at 2.6% with a target of only 2.4% until 2024. (MLC)