BSP: Inflation surpassed target in March

Inflation likely continued its uptick in March but breaching the target of the central bank for the first time in three months amid more expensive electricity costs, oil and food prices.

- LOUISE MAUREEN SIMEON

Based on its monthly forecast, the Bangko Sentral ng Pilipinas (BSP) said the headline rate could settle within the range of 3.4 and 4.2 percent.

The lower end of the forecast is the same rate as the February print of 3.4 percent.

If realized, the headline rate could be flat but with greater likelihood of a significant increase and even surpass the four percent target of the BSP.

It was in November 2023 when inflation last breached the target at 4.1 percent.

According to the BSP, sources of upward price pressures include the continued increases in the cost of key food items particularly rice and meat.

For one, rice inflation has been on a continued uptrend, quickening further to 23.7 percent in February with all three classifications of the staple tracked by the government posting increases as world market prices pick up.