MANILA — A survey conducted by the Bangko Sentral ng Pilipinas showed that analysts forecasted lower average for inflation this year.
This, according to the survey, is still within the period’s target range.
In a survey conducted in private economists in April, a mean inflation of 2.6 percent for this year was forecasted.
For 2016 to 2017, the latest forecast remain at 3.3 percent according to the BSP.
A deceleration in the latest inflation of 1.6 percent was also indicated in the latest government data bringing a five-month average to 2.2 percent, near the lower end of the two to four percent band.
The decline is due to the utility rates and low increases in the cost of food.
Meanwhile, higher projections last month were blamed on the expected weakness of the peso amid volatility in financial markets.