The Bangko Sentral ng Pilipinas (BSP) said on Friday the country’s headline inflation likely rose to 3.7 percent this month on higher prices of fuel, meat and sin products, and on increased power rates. A shopper checks out goods at a stall in a market on Commonwealth Avenue in Quezon City on Tuesday.PHOTO BY RUY MARTINEZ In a statement, BSP Governor Benjamin Diokno said January’s point inflation estimate was within the 3.3- to 4.1-percent forecast range of the central bank. The outlook was faster than the 3.5-percent consumer price growth in December 2020 and the 2.9 percent a year earlier. The Philippine Statistics Authority (PSA) will release official January inflation data on February 5. “Higher prices of fuel and meat, as well as increased Meralco (Manila Electric Co.) power rates and excise taxes on alcoholic beverages and tobacco, contributed to upward price pressures during the month,” Diokno said. Local oil companies hiked fuel prices three times this month. Price incr...
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