Inflation likely remained stubbornly high and could have breached nine percent in February from a fresh 14-year high of 8.7 percent in January, according to the Bangko Sentral ng Pilipinas (BSP).
In a statement, the central bank said inflation last month likely settled between 8.5 percent and 9.3 percent, with upward pressures emanating from higher prices of liquefied petroleum gas as well as elevated prices of key food items such as pork, fish, eggs and sugar.
The last time inflation breached nine percent was in November 2008 at 9.1 percent.
On the other hand, the BSP said the lower prices for domestic petroleum, fruits and vegetables, chicken and beef, along with the peso’s appreciation could help ease price pressures in February.
‘The BSP will continue to adjust its monetary policy stance as necessary to prevent the further broadening of price pressures, as well as the emergence of additional second order effects,’ it said.
The BSP said it would continue to monitor closely emerging price developments in accordance with its price stability mandate.
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