Philippine Central Bank Sees Inflation Rising to Three-Year High

The Philippine central bank forecasts April inflation rate could surge to between 5.6% and 6.4%, breaching its target range, amid conflict in the Middle East.

Inflation risks have intensified due to “significantly higher domestic petroleum prices, rising costs of key food items such as rice, fish, and meat, increased electricity charges, and the peso depreciation,” the Bangko Sentral ng Pilipinas said in a statement on Thursday.