Metro Manila (CNN Philippines, May 31) — The Bangko Sentral ng Pilipinas on Monday projected that the rate of increase in prices of basic goods further slowed down in May.

The central bank said it expects an inflation rate of 4.4% this month, settling within a 4-4.8% range. The figure is lower than the 4.5% figure logged in April.

BSP Governor Benjamin Diokno cited higher cost of meat, oil products and Meralco electricity rates as main sources of upward price pressures this month. However, this “could be offset” by the drop in prices of key food items like rice, vegetables and fish along with the peso's appreciation.

“Moving forward, the BSP will remain watchful of economic and financial developments to ensure that the monetary policy stance remains consistent with the BSP’s price stability mandate,” said the central bank.

The Philippine Statistics Authority is expected to announce May’s inflation print this Friday, June 4.

Source: CNN Philippines (https://cnnphilippines.com/business/2021/5/31/BSP-inflation-forecast-May.html?fb&fbclid=IwAR0VZs0olThkttRLNTF_0buJc0txPb4j5SxQmDngbpIl-ETZ8Rn8Qzo8dDg)