THE BSP projects May 2023 inflation to settle within the range of 5.8 to 6.6 percent. Higher prices of rice, vegetables, and other key food items as well as the increase in LPG and Meralco electricity rates are the primary sources of upward price pressures for the month.
Meanwhile, the cumulative rollback in domestic petroleum prices as well as lower poultry and fish prices and electricity rates of various regional power distributors could lead to lower inflation in May.
Going forward, BSP will continue to monitor developments affecting the outlook for inflation and growth in line with its data-dependent approach to monetary policy formation.
