MANILA, Philippines—The March inflation rate reinforced the Bangko Sentral ng Pilipinas’ (BSP) projection of a rise in consumer price index (CPI) exceeding the government’s full year forecast range but likely returning to normal by 2022.
In a statement, BSP Govenor Benjamin Diokno said the 4.5-percent inflation rate in March 2021 reflected “the impact of supply-side constraints on domestic prices of key food commodities, such as meat, as well as the continuing uptick in international oil prices.”
The BSP had earlier forecast the March inflation rate to land between 4.2 and 5 percent, with a “point projection” of 4.6 percent — slightly lower than the February CPI of 4.7 percent….
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