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THE Bangko Sentral ng Pilipinas (BSP) expects consumer price
increases to have accelerated this month due to the uptick in basic
commodities.
BSP Governor Amando M. Tetangco Jr. said
inflation this month is forecast at between 3.7 percent and 4.4
percent.
“The slight uptick in January compared to
December last year is due to price increases in some food items like
rice and flour and higher utility rates,” Tetangco told reporters.
Stable domestic petroleum prices, a firm peso
and low vegetable prices however would help temper inflationary
pressures, he said.
Inflation in December rose at its fastest pace
in 11 months owing to higher oil and food prices.
The National Statistics Office (NSO) said the
inflation rate went up to 3.9 percent that month, higher than the
BSP forecast of between 2.6 percent and 3.1 percent. This was an
acceleration from last November’s 3.2 percent, but lower than a
year ago’s 4.3 percent.
For this year, the inter-agency Development and
Budget Coordinating Committee set the inflation target at 4 percent
plus or minus one percentage point on account of rising prices of
oil and non-oil commodities in the international market; possible
upward adjustments in transport fares, utilities and wages; possible
occurrences of weather-related disturbances affecting supply; and
growth in domestic liquidity brought about by continued heavy
inflows of foreign exchange.
-- Chino S. Leyco
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