BSP says inflation steady in June

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(FILE PHOTO)

Metro Manila (CNN Philippines, June 30) – Inflation likely remained steady in June, the Bangko Sentral ng Pilipinas said Tuesday.

BSP Governor Benjamin Diokno gave a forecast of 1.9-2.7 percent inflation rate for the month. This is similar to the range given for May, which turned out to be a 2.1 percent pickup in prices. 

The figure compares to a 2.7 percent reading in June 2019, and falls near the low end of the 1.75-3.75 percent forecast for the full year.

The BSP Department of Economic Research said the higher price of rice as well as of fuel products may have pushed some costs up, but were offset by declines in the price of cooking gas and electricity rates charged by Meralco, the country's biggest power distributor.

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June was also the time when most cities and provinces, including Metro Manila, moved to more relaxed quarantine rules which allowed the opening of more industries and business operations.

The Philippine Statistics Authority will release latest inflation data on Tuesday, July 7.