Headline inflation likely accelerated in March due to higher oil prices, economists polled by The Manila Times said.
Projections for the month ranged from 3.5 to 4.4 percent with a 3.8-percent average, higher than the 3.0 percent recorded in February.The projection, however, is still lower than the 4.1 percent seen in March last year.The Bangko Sentral ng Pilipinas earlier said it expects inflation to settle within the 3.3- to 4.1-percent range.Official March 2022 inflation data will be released by the Philippine Statistics Authority on April 5.Rizal Commercial Banking Corp.
'In terms of proportion, inflation contributions reflect the effect of oil and other commodities' price spikes on the back of the Russia-Ukraine conflict and resulting sanctions,' said SBC chief economist Robert Dan Roces in a report.'Food may have contributed approximately 1 percent to the headline inflation reading, while utilities at 1.3 percent and transportation at 0.7 percent.
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