April inflation of 3% is within target

 

 

By Rose de la Cruz

 

Bangko Sentral Governor Benjamin Diokno said that the 3 percent inflation last April is consistent with BSP’s expectations that inflation would settle at a target range of 2 to 4 percent for 2019 and 2020.

 

However, the continued increase in global crude oil prices and possibility of a prolonged El Niño episode could be a source of upside price pressures over the near term.

 

The weakening global economic environment could present downside risks to inflation. Against these upside and downside risks, the BSP continues to keep a close watch over price developments in the country and shall consider all relevant data at its next monetary policy meeting on 9 May 2019 to ensure that the monetary policy stance remains consistent with the BSP's primary mandate of price stability conducive to a balanced and sustainable growth of the economy."

 

Socioeconomic Planning Secretary Ernesto Pernia said the government continues to rein in the overall price increases in the country with headline inflation rate easing to a 16-month low in April 2019.

 

The Philippine Statistics Authority reported today that headline inflation further slowed to 3 percent in April from 3.3 percent in March.  

 

This was slightly below the median market forecast of 3.1 percent, and well within the Bangko Sentral ng Pilipinas’ (BSP) forecast of 2.7 to 3.5 percent for the period.

 

“The recent inflation reading validates our efforts towards stabilizing inflation so that the country’s buoyant economic growth, along with key reforms, remains unimpeded,” said Secretary of Socioeconomic Planning Secretary Ernesto M. Pernia.

 

This also brought down the year-to-date inflation to 3.6 percent, which is within BSP’s inflation target for 2019.

 

Notably, food inflation slowed to 3 percent as price adjustments in key food items such as rice, meat, and fish further slackened.

 

Reflecting the trend of overall price increases, inflation in the National Capital Region slowed for the eighth consecutive month to 3.1 percent in April 2019.

 

“The continued low inflation of rice can be attributed to the stable rice supply in the country, with more imported rice expected to arrive in the country as the Rice Liberalization Act takes effect,” the Pernia noted.

 

The law, which lifts the quantitative import restriction on rice, is expected to keep rice prices low and more affordable especially for low-income households

 

However, Pernia said that the government should remain watchful of upside risks to inflation such as the ongoing El Niño phenomenon, possible increase in utility rates, and volatility in international oil prices.

“Given unstable global oil prices, the government should prioritize rolling out the second tranche of its social mitigating measures under the TRAIN law, such as the unconditional cash transfer and Pantawid Pasada, especially now that the 2019 national budget has already been signed into law,” he added.

 

 

Like us in Facebook

facebook like box joomla

Features

Latest News

NEDA asks farmers to plant special rice varieties

  By Rose de la Cruz   The National Economic and Development Authority (NEDA) is encouraging farmers to increase their production of special... Read More...
UBS gears for sustainability in its global operations

  By Rose de la Cruz   UBS, the leading investment in the Philippines and consistently ranked top 2 among international investment banks, is... Read More...
Bong still unsure of Senate run

Should he stay or should he go?  This is the question that Special Assistant to the President Christopher “Bong” Go is trying to answer and... Read More...
IMAGE In the know: Solar Philippines

Solar Philippines is currently the country’s – and Southeast Asia’s – largest solar-energy company. Founded in August 2013 by Leandro... Read More...
Stupid Name Giver and Other Laughs

Stupid Name Giver Late one night, a burglar broke into a house. While he was sneaking around he heard a voice say, "Jesús is watching you."  He... Read More...
Confession Code and other laughs

Confession Code AN old priest who became sick of all the people in his parish who kept confessing to adultery said one Sunday, in the pulpit,"If I... Read More...
IMAGE A DELICATE BALANCE

Photo courtesy of Top Gear Philippines Officials of motorcycle-sharing service company Angkas must be grinning all the way to the bank. After a... Read More...
IMAGE TULOY ANG LABAN SA DENGVAXIA

MABUTI naman at tuluyan ng nagpasiya ang pamahalaan na sampahan ng karampatang kaso ang mga sangkot sa kontrobersyal na Dengvaxia anti-dengue... Read More...

Our Guests

Today839
Yesterday454
This week3979
This month17034
Total1257323

Visitor Info

  • Your IP: 34.229.76.193

Who Is Online

31
Online

Friday, 24 May 2019
© 2016 OpinYon News Magazine Online. All Rights Reserved.

Please publish modules in offcanvas position.