While the government was confident that inflation peaked in December and would go down this January, the Bangko Sentral ng Pilipinas forecast January 2023 inflation to settle still at a high range of 7.5 to 8.3 percent. owing to price escalations in power, water, petroleum and key food items.
The Bangko Sentral ng Pilipinas forecast January 2023 inflation to be at the range of 7.5 to 8.3 percent.
Upward price pressures for the month are expected to emanate from higher electricity rates, approved water rate rebasing, higher domestic petroleum prices, uptick in the prices of key food items, and the annual increase in sin taxes.
Meanwhile, the reduction in LPG prices and the appreciation of the peso could contribute to easing price pressures for the month.
The BSP said it would continue to adjust its monetary policy stance at the necessary pace to prevent the further broadening of price pressures and monitor emerging price developments closely in accordance with the BSP’s price stability mandate.
Tags: #BSP, #inflation, #upwardprices