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February inflation likely settled within 2.8 to 3.6 percent: BSP

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Jessica Fenol, ABS-CBN News

<div class="embed-wrap"><figure data-feedback="fb:likes,fb:comments"><img alt="A jeepney driver refuels at a gasoline station in Manila on February 28, 2022 amid increasing oil prices. Jonathan Cellona, ABS-CBN news" src="https://sa.kapamilya.com/absnews/abscbnnews/media/2022/news/03/01/20220228-fuel-price-hike-jc-025411228.jpg"/><figcaption>A jeepney driver refuels at a gasoline station in Manila on February 28, 2022 amid increasing oil prices. <em>Jonathan Cellona, ABS-CBN news</em></figcaption></figure></div><p>MANILA - Inflation in February likely settled with the 2.8 to 3.6 percent, the Bangko Sentral ng Pilipinas&#x27; Department of Economic Research said.</p><p>Inflation in January eased to 3 percent as the Philippine Statistics Authority shifted to using 2018 as the base year to reflect updated prices. Previously, the PSA used 2012 as base year.</p><p>The BSP estimate takes into account the spikes in the prices of oil, rice and meat which are seen as &quot;the primary sources of inflationary pressures during the month,&quot; the central bank said in a statement. </p><p>But these can be partially offset by lower electricity rates in Meralco-serviced areas and the decline in fish and vegetable prices as supply challenges ease, the BSP said.</p><p>February&#x27;s inflation numbers are set to be released on Friday. </p><p>&quot;Looking ahead, the BSP will continue to monitor emerging price developments and possible second-round effects to help achieve its primary mandate of price stability that is conducive to balanced and sustainable economic growth of the economy,&quot; it said.</p><p>The BSP earlier signaled it would start easing the stimulus placed during the COVID-19 pandemic to support recovery, and as inflation eases back to within the government&#x27;s 2 to 4 percent target range.</p><p>Analysts expect the central bank to tighten the benchmark interest rate this year. </p><p>The country&#x27;s key borrowing rate was kept at a record low of 2 percent in last month&#x27;s monetary policy-setting meeting.</p><ul class="op-related-articles">	<li><a href="https://news.abs-cbn.com/business/02/17/22/bsp-keeps-benchmark-rate-unchanged">Bangko Sentral keeps benchmark rate unchanged to support growth</a></li></ul><p>BSP Governor Benjamin DIokno said it has room to &quot;maneuver&quot; but is keeping an eye on the monetary policy actions of the US Federal Reserve.</p><p>Although the Philippines is also in a <a href="https://news.abs-cbn.com/business/02/24/22/ph-in-better-shape-to-weather-ukraine-crisis-bsp" target="_blank">better shape</a> to weather geopolitical crises such as the conflict between Russia and Ukraine, the BSP said a significant increase in Dubai crude oil price could trigger an upward revision of its inflation outlook. </p><p>The BSP earlier said inflation, which averaged 4.5 percent in 2021, could settle at 3.7 percent in 2022 and 3.3 percent next year.</p><ul class="op-related-articles">	<li><a href="https://news.abs-cbn.com/business/02/24/22/fuel-flour-prices-seen-rising-due-to-ukraine-crisis">Fuel, flour prices expected to rise as Ukraine crisis continues</a></li>	<li><a href="https://news.abs-cbn.com/business/02/21/22/bsp-has-room-to-maneuver-keeps-an-eye-on-fed-diokno">Bangko Sentral has &#x27;room to maneuver&#x27;, keeps an eye on Fed: Diokno</a></li></ul><div><strong>RELATED VIDEO:</strong></div><figure class="op-interactive"><iframe allow="autoplay; fullscreen" frameBorder="0" height="100%" id="ivsplayer01" scrolling="no" src="https://player.ivideosmart.com/ivsplayer/v4/dist/html/iframe-src.html?iframeid=ivsplayer01&amp;key=e8c22c015ca9eafa76f1e3edfa03c603&amp;spid=3001339&amp;vid=1930620" width="100%"></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>

Inflation in February likely settled with the 2.8 to 3.6 percent, the Bangko Sentral ng Pilipinas' Department of Economic Research said.

February inflation likely settled within 2.8 to 3.6 percent: BSP

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February inflation likely settled within 2.8 to 3.6 percent: BSP

Jessica Fenol,

ABS-CBN News

Published Mar 01, 2022 12:22 PM PHT

Read More:

Inflation

consumer price index

CPI

consumer prices

oil price

meat price

Ukraine

Russia

monetary policy

BSP

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