“Geopolitical tensions in the Middle East caused a sharp increase in international oil prices, spilling over to higher domestic petroleum prices for the month. In addition, higher electricity rates in Meralco-serviced areas as well as higher rice prices due to supply conditions could contribute to additional price pressures,” the central bank said. “The BSP will continue to monitor closely evolving inflation dynamics over the policy horizon against any signs of incipient price pressures that may warrant a policy response,” the central bank said. BSP Governor Nestor Espenilla Jr. had said the sum of central bank actions remain appropriate for the situation. “This is having the desired effect on other market rates that, in turn, help regulate the economy and control inflation.

Source: Philippine Star April 30, 2018 15:56 UTC