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Bangko Sentral raises inflation outlook for 2021 to 4 percent

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Warren de Guzman, ABS-CBN News

<div class="embed-wrap"><figure data-feedback="fb:likes,fb:comments"><img src="https://sa.kapamilya.com/absnews/abscbnnews/media/2021/business/01/05/20190312_bsp-ben-diokno-gc_000_1000.jpg"/><figcaption>Bangko Sentral ng Pilipinas Governor Benjamin Diokno. ABS-CBN News file photo</figcaption></figure></div><p>MANILA - The Bangko Sentral ng Pilipinas has raised its inflation outlook for the year to 4 percent from an earlier 3.2 percent, and said inflation was likely to remain elevated &quot;in the coming months.&quot;</p><p>The BSP kept interest rates <a href="https://news.abs-cbn.com/business/02/11/21/bangko-sentral-keeps-interest-rates-steady">steady </a>in its first policy meeting for 2021 even as inflation quickened for four straight months hitting a 2-year high in January. </p><p>&quot;The Monetary Board noted that inflation is likely to remain elevated in the coming months, reflecting the impact of supply constraints on domestic prices of key food commodities such as meat and vegetables as well as the recent uptick in international oil prices,&quot; said BSP Governor Benjamin Diokno. </p><ul class="op-related-articles">	<li><a href="https://news.abs-cbn.com/business/02/05/21/dissecting-data-surging-pork-prices-push-inflation-to-2-year-high-ncr-poor-among-worst-hit">Dissecting Data: Surging pork prices push inflation to 2-year high; NCR, poor among worst hit</a></li></ul><p>Diokno said the government must act on these supply-side issues, specifically the impact of the African Swine Fever on pork supplies. </p><p>BSP Deputy Governor Francisco Dakila said the inflation uptick &quot;is of a transitory nature.&quot; </p><p>&quot;Inflation is expected to go back to within the target range toward the later part of the year,&quot; Dakila said.</p><p>The BSP also raised its projections for oil prices this year. </p><ul class="op-related-articles">	<li><a href="https://news.abs-cbn.com/business/02/05/21/oil-prices-rise-to-highest-in-a-year-on-us-growth-optimism-crude-supply-restraint">Oil prices rise to highest in a year on US growth optimism, crude supply restraint</a></li></ul><p>He said that in December, they projected that Dubai crude would average $47.57 per barrel in 2021. </p><p>&quot;With current developments, we have revised the assessment for Dubai Crude up to $54.65 per barrel,&quot; Dakila said. </p><p>The BSP also said Dubai crude would average $51.98 next yer, up from an earlier forecast of $47.44 per barrel. </p><p>Earlier in the year, the BSP said that the uptick in prices was transitory and that inflation was the &quot;<a href="https://news.abs-cbn.com/business/01/05/21/bsp-to-keep-rates-low-says-inflation-least-of-worries">least </a>of its worries.&quot;<br/> </p><figure class="op-interactive"><iframe height="315" src="https://www.youtube.com/embed/a9PTvdXRfsk?enablejsapi=1" width="560"></iframe></figure><div class="iwantbar">Watch more in <a href="//www.iwantv.com.ph/">iWantv</a> or <a href="//tfc.tv/">TFC.tv</a></div><div> </div>

<p>The Bangko Sentral ng Pilipinas has raised its inflation outlook for the year to 4 percent from an earlier 3.2 percent, and said inflation was likely to remain elevated "in the coming months."<br /> </p>

The Bangko Sentral ng Pilipinas has raised its inflation outlook for the year to 4 percent from an earlier 3.2 percent, and said inflation was likely to remain elevated "in the coming months."

Bangko Sentral raises inflation outlook for 2021 to 4 percent

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Bangko Sentral raises inflation outlook for 2021 to 4 percent

Warren de Guzman,

ABS-CBN News

Published February 11, 2021 06:32 PM PHT

Read More:

Bangko Sentral

inflation

BSP

central bank

monetary policy

Monetary Board

monetary easing

monetary stimulus

COVID-19 pandemic

economic recession

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