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PH inflation rises to 4 9% in April

File photo MANILA - The government reported Thursday that inflation rate rose to 4.9 percent in April, higher by 0.9 percentage points than the inflation rate in March. The Philippine Statistics Authority (PSA) said April inflation rate is the fastest since January 2019. "The increase in the country's inflation was mainly brought about by the higher annual increase in the index for food and non-alcoholic beverages at 3.8 percent; transport, 13 percent; and housing, water, electricity, gas, and other fuels, 6.9 percent," the PSA said. In a statement, the Bangko Sentral ng Pilipinas (BSP) said the pace of price increase of goods and services last month remains with its forecast range of 4.2 to 5 percent. "The inflation outturn is consistent with the BSP's assessment that inflation will remain elevated over the near term due to the continued volatility in global oil and non-oil prices, reflecting largely the continued impact of the conflict in Ukraine on global comm

Bangko sentralPhilippine statistics authorityFile photo manila the government reported thursday that inflation rate rose to 4 9 percent in aprilIgher by 0 9 percentage points than the inflation rate in march philippine statistics authority psa said april is fastest since january 2019 quot increase country 39s was mainly brought about higher annual index for food and non alcoholic beverages at 3 8 percent transport3 percent and housingNd other fuelsR 9 percentUot the psa said ina statementHe bangko sentral ng pilipinas bsp said the pace of price increase goods and services last month remains with its forecast range 4 2 to 5 percent quot inflation outturn is consistent 39s assessment that will remain elevated over near term due continued volatility in global oil non pricesEflecting largely the continued impact of conflict in ukraine on global commodities marketUot the central bank said bsp added inflation at end 2022 will settle above government 39s target rangeUt this is expected to slow down by 2023 with the easing of supply side pressures it cited upside risks over near termsHich include shortage in domestic food supply and from the potential impact of higher oil prices on transport fares other handOwnside risks include lingering threats of coronavirus disease 2019 covid 19 pandemic as new strains continue to emerge that quot could temper the global economic recovery and prompt reimposition containment measures latest assessment also indicates domestic activity has gained stronger traction with easing remaining mobility restrictions howeverEightened geopolitical tensions anda resurgence in covid 19 infections some countries have also clouded the outlook for global economic growth supply chain disruptions could contribute to inflationary pressuresNd thus warrant closer monitoring to enable timely intervention in order arrest potential second round effects

BSP key rates steady despite hikes in inflation forecasts

BSP Governor Benjamin Diokno MANILA - The Bangko Sentral ng Pilipinas' (BSP) policy-making Monetary Board (MB) on Thursday kept the central bank's key policy rates despite the upward adjustments in the average inflation forecasts for this and next year. Thus, the central bank's overnight reverse repurchase (RRP) rate is still at record low 2 percent, the overnight lending rate is at 2.5 percent, and the overnight deposit rate is at 1.5 percent. In a virtual briefing on Thursday, BSP Governor Benjamin Diokno said the latest average inflation forecast for this year was hiked to 4.3 percent, higher than the government's 2-4 percent target band, and the 2023 projection was changed to 3.6 percent. These were at 3.7 percent and 3.3 percent for 2022 and 2023, respectively, during the MB meeting last February. Diokno attributed the hikes in the inflation forecasts to upticks of commodity prices in the international market. "Inflation expectations have likewise risen but co

United arab emiratesBenjamin dioknoBangko sentralFrancisco dakila jrMonetary boardGovernor francisco dakilaBsp governor benjamin diokno manila the bangko sentral ng pilipinas 39 policy making monetary board mb on thursday kept central bank 39s key rates despite upward adjustments in average inflation forecasts for this and next year thusHe central bank 39s overnight reverse repurchase rrp rate is still at record low 2 percentHe overnight lending rate is at 2 5 percentNd the overnight deposit rate is at 1 5 percent ina virtual briefing on thursdaySp governor benjamin diokno said the latest average inflation forecast for this year was hiked to 4 3 percentIgher than the government 39s 2 4 percent target bandNd the 2023 projection was changed to 3 6 percent these were at 7 and for 2022Uring the mb meeting last february diokno attributed hikes in inflation forecasts to upticks of commodity prices international market quot expectations have likewise risen but continue be anchored 2 4 percent target bandUot he said amidst these developmentsIokno said quot the balance of risks to outlook remain broadly balanced for 2023 he domestic inflation pressures are driven by supply issues on pork and fish potential impact higher oil prices transportation fares in this regard

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