February inflation may hit as high as 4.7%

posted February 26, 2021 at 08:55 pm
by  Julito G. Rada
Bangko Sentral ng Pilipinas Governor Benjamin Diokno said Friday inflation rate in February likely accelerated to as high as 4.7 percent from 4.2 percent in January, on the back of higher global oil prices.

Diokno said in a statement to reporters the BSP was expecting inflation in February to settle within a range of 4.3 percent to 5.1 percent.

“Upward price pressures for the month emanate from the continued uptick in global crude oil prices and elevated fish prices,” Diokno said.

Diokno said the implementation of the temporary price caps on meat products for National Capital Region, stable rice prices and lower power rates in Meralco-serviced areas contributed to the downward price pressures during the month.

He said earlier the uptick in inflation in January could be attributed to transitory supply-side pressures. He said BSP measures were aimed at ensuring economic recovery and limiting the pandemic’s potential scarring effects in the long run.

Topics: Bangko Sentral ng Pilipinas , Benjamin Diokno , crude oil , National Capital Region
COMMENT DISCLAIMER: Reader comments posted on this Web site are not in any way endorsed by The Standard. Comments are views by thestandard.ph readers who exercise their right to free expression and they do not necessarily represent or reflect the position or viewpoint of thestandard.ph. While reserving this publication’s right to delete comments that are deemed offensive, indecent or inconsistent with The Standard editorial standards, The Standard may not be held liable for any false information posted by readers in this comments section.