Inflation will likely hit a new three-year high this month given the continued increase in domestic petroleum prices, the Bangko Sentral ng Pilipinas (BSP) said Tuesday.
According to BSP Governor Benjamin Diokno, inflation is likely to have settled within the 5.0% to 5.8% range this month, faster than the“The continued increase in domestic petroleum prices, higher prices of key food items, and peso depreciation are the primary sources of inflationary pressures during the month,” Diokno told reporters in a text message.
Meanwhile, the Philippine peso closed Tuesday at P52.37: $1, weaker than Monday’s finish of P52.31: $1.
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