THE Bangko Sentral ng Pilipinas (BSP) projects March 2023 inflation to settle within the range of 7.4 to 8.2 percent.

“The recent rollback in domestic petroleum prices, lower prices of fruits and vegetables as well as the decline in chicken and sugar prices are expected to contribute to easing price pressures during the month,” the central bank said in a statement.

Moreover, upward price pressures for the month are expected to emanate from higher electricity rates in Meralco-serviced areas as well as increased prices of other key food items, such as pork, fish, eggs and rice.

Going forward, the BSP said it remains prepared to respond appropriately to continuing inflation risks in line with its data-dependent approach to monetary policy formulation.