Q1 inflation creeps up to 4.1%

Headline inflation accelerated to 4.1 percent in the first quarter from 3.4 percent in the quarter earlier, pushed by tight domestic supply of most food commodities. The rate is projected to grow further going forward due to expected increases in electricity, food and oil prices as the peso continues to weaken.

The central bank, which has been warning that it might have to tighten its monetary stance, affirmed its view that there is little room left for monetary policy to allow further growth in inflation.