The central bank still expects inflation to average within its target ranges for 2014 and 2015, but it warned that consumer prices may see some blips, or sharp fluctuations, during the period amid supply constraints.

“Our view is that within the policy horizon, inflation is likely to stay within the target range of 3 percent to 5 percent this year and 2 percent to 5 percent next year,” Bangko Sentral ng Pilipinas (BSP) Governor Amando Tetangco Jr. told reporters.

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