By: Business Mirror
The Bangko Sentral ng Pilipinas (BSP) is expecting for smooth sailing growth of consumer prices until 2023.
In a statement,it issued, BSP said that it is retaining its 2-percent to 4-percent target range up until 2023, on the assessment of a favorable supply and demand balance four years ahead.
“While price volatilities cannot be ruled out, inflationary impulses from international commodity prices are expected to remain modest. This expectation is supported by the current assessment of favorable demand-supply balance and lower pass-through to domestic inflation of exchange rate and international commodity price inflation.”
The BSP last missed its target range in 2018 when inflation skyrocketed to 5.2 percent. Its target range for the year was also at 2 percent to 4 percent.
The rise in inflation during the year was largely due to unstable rice prices, which carry a large part of the consumer price index (CPI) basket for local consumers.
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