The Bangko Sentral ng Pilipinas (BSP) announced that the country's inflation rate likely surged past 6 percent in April, driven by rising energy costs linked to the Middle East conflict and other factors.
In a statement, the central bank projected consumer prices rose between 5.6 percent and 6.4 percent year-on-year last month. The BSP attributed the increase to "significantly higher domestic petroleum prices, rising prices of key food items such as rice, fish, and meat, increased electricity charges, and the peso depreciation."
The forecast comes amid intensifying inflation risks, although the BSP noted that anticipated declines in vegetable and fruit prices could help temper the upward trend. "Sources of upside price pressures continue to warrant close monitoring," it added.