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Inflation likely eased further in March
The Bangko Sentral ng Pilipinas (BSP) had a March inflation forecast range of 2% to 2.8%, with economists estimating it to be 2.3%, marking a potential second consecutive month of easing inflation.
This easing is primarily attributed to a significant drop in global fuel prices, which economists believe will more than offset a slight uptick in food prices caused by increased demand due to the enhanced community quarantine (ECQ).
The BSP adjusted its average-year inflation forecast downwards to 2.2% for 2020 and 2.4% for 2021, influenced by the collapse in world crude oil prices and the economic impact of COVID-19.
Stable prices for some food items were initially attributed to adequate supply and favorable weather, though the new article suggests ECQ-related demand might cause a slight increase.
Electricity rates saw a slight increase in March, according to the BSP.
The National Government's implementation of a price freeze on basic commodities, food items, and medicines also contributes to tempering inflationary pressures.
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Headline inflation in the Philippines slowed to 2.5% in March 2020, down from 2.6% in February 2020 and 3.3% in March 2019.
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