Lower prices of oil and other commodities and the impact of the coronavirus disease 2019 (Covid-19) pandemic on global growth could drag the country’s average inflation rate to 2 percent this year, Bangko Sentral ng Pilipinas (BSP) Governor Benjamin Diokno said. Economists maintain outlookThe central bank’s estimate for 2020 average inflation rate was lower than the 2.9-ercent forecast of private economists. In its latest Inflation Report, the BSP said the results of its survey of private sector economists for March this year showed that mean inflation forecast for 2020 was unchanged at 2.9 percent relative to the December 2019 survey. By contrast, the mean inflation forecast for 2021 declined to 3.0 percent from 3.1 percent. Meanwhile, the mean inflation forecast for 2022 stood at 3.0 percent based on the March 2020 survey, it added.

Source: Manila Times April 26, 2020 16:30 UTC