BSP sees possible higher prices in April

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FILE PHOTO. The rise in prices of widely-used goods will likely be at its fastest pace in August or September, a central bank official said.

Metro Manila (CNN Philippines, April 30) — The central bank said Monday the rise in prices of goods and services may exceed its target in April, pushed by adjustments in the prices of fuel, electricity and food.

Using 2012 as base year, the Department of Economic Research of the Bangko Sentral ng Pilipinas (BSP) said in a statement inflation for the month would have settled between 3.9 percent and 4.7 percent.

The central bank said higher fuel prices, electricity rates in Meralco-serviced areas, and price of rice due to supply conditions pushed inflation up.

This could be the second time for the year that inflation may breach the BSP's two to four percent target. Prices rose 4.3 percent in March.

The central bank is using a multiyear (2016-2018) inflation target  of 2 percent to 4 percent to achieve a level of prices conducive to achieving economic growth over a given period.