THE Bangko Sentral ng Pilipinas on Thursday, May 31, said the country's inflation rate is projected to further accelerate to a range of 4.6 - 5.4 percent in May as prices of petroleum and rice continue to increase.
The central bank's Department of Economic Research said on social media that the "higher domestic petroleum prices amid geopolitical tensions in the Middle East as well as the sustained increase in rice prices present upward price pressures for the month."