The Bangko Sentral ng Pilipinas projects the March 2024 inflation to settle within 3.4 to 4.2 percent.
According to the BSP, the 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.
In February, the rate at which prices change accelerated to 3.4 percent from an over three-year low of only 2.8 percent.
Lower prices of fruits, vegetables, and fish along with the peso appreciation could contribute to downward price pressures, the BSP said.
The BSP will continue to monitor developments affecting the outlook for inflation and growth in the months up ahead in keeping with its data-dependent approach to monetary policy decision-making.
