The Bangko Sentral ng Pilipinas (BSP) said Monday it expects inflation in March 2024 to fall within a range of 3.4 percent to 4.2 percent.
“Continued price increases of rice and meat, along with higher domestic oil prices and electricity rates are the primary sources of upward price pressures for the month,” the BSP said in a statement.
It said lower prices of fruits, vegetables and fish, along with the peso appreciation could contribute to downward price pressures.
The Philippine Statistics Authority will release the official consumer price index report on April 5.
The Philippine Statistics Authority earlier reported that inflation in February picked up to 3.4 percent from 2.8 percent in January, on higher food, beverage and transport prices.
The BSP targets an inflation rate of between 2 percent and 4 percent this year.
Monetary officials said they would continue to monitor developments affecting the outlook for inflation and growth in line with its data-dependent approach to monetary policy decision-making.
Finance Secretary Ralph Recto earlier said he was expecting the BSP to keep the interest rates steady for its fourth consecutive policy meeting since October 2023.
The Monetary Board of the BSP on Feb. 15 kept the overnight borrowing rate steady at 6.5 percent for the third time amid the slowdown in inflation.
It also maintained the interest rates on overnight deposit and lending facilities at 6.0 percent and 7.0 percent, respectively.
The board will hold its next meeting on April 8, which was rescheduled from April 4, 2024. The BSP said it moved the meeting because the MB wanted to wait for the release of the inflation data on April 5.