The inflation rate is expected to further ease in the month of April, the latest forecast from the Banko Sentral of the Philippines (BSP) has shown.
In a statement on Friday, BSP said it sees that the April 2023 inflation rate will range from 6.3 percent to 7.1 percent.
According to the central bank, the decline in the prices of fish and vegetables as well as the rollback in Liquefied petroleum gas (LPG) will be the top contributors to the declining inflation.
"Meanwhile, upward price pressures are expected to emanate from higher domestic petroleum prices, increased rice and meat prices, and peso depreciation," BSP said.
The country's inflation rate in March 2023 dropped to 7.6 percent from 8.6 percent in February 2023.
Earlier, the National Economic Development Authority (NEDA) said that the inflation rate in the country this year is expected to decline, adding that it aims to ease this to 4 percent.
