Over 9% inflation rate in February possible – BSP

Metro Manila (CNN Philippines, February 28) — The sharp rise in commodity prices is expected to continue in February, with the Bangko Sentral ng Pilipinas (BSP) seeing the inflation rate hitting as high as 9.3%.

In a statement on Tuesday, the central bank said inflation this month may settle within the range of 8.5% to 9.3%.

January inflation stood at 8.7%.

According to the BSP, possible upward pressures on inflation include higher LPG prices, and the uptick in prices of pork, fish, egg, and sugar.

Meanwhile, lower prices of domestic petroleum, fruits and vegetables, chicken, and beef, and the strengthening of the peso could ease price pressures this month.

"The BSP will continue to adjust its monetary policy stance as necessary to prevent the further broadening of price pressures as well as the emergence of additional second-order effects," the central bank said.

The government has kept the inflation target from 2% to 4% for 2023.