The BSP Department of Economic Research projects March 2020 inflation to settle within the 2.0 – 2.8 percent range.
The sharp decline in the prices of petroleum products due to the significant fall in global crude oil prices contributed to the downward price pressures for the month.
In addition, the prices of selected food products remained broadly stable in March due to adequate supply and favorable weather conditions along with the price freeze imposed on basic necessities by the Department of Trade and Industry (DTI) and the Department of Agriculture (DA).
Meanwhile, electricity rates in Meralco-serviced areas were slightly higher during the month.
Going forward, the BSP will continue to monitor economic and financial developments, and stands ready to implement appropriate policies in support of its primary mandate of price stability conducive to balanced and sustainable economic growth. (BSP)