Forecasts by economists surveyed by the central bank showed a 3.4 percent consensus on inflation for the year, citing upward pressures coming from weak peso, high global oil prices, tax reform, high electricity rates and higher government spending on infrastructure.

The consensus matched the central bank forecast of an average 3.4 percent in 2017, the Bangko Sentral ng Pilipinas (BSP) said in a report released over the weekend, which also showed a high probability that inflation would stay within the 2 percent- to-4 percent government target for the year.

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