Monetary Board revised its baseline inflation rate for 2021 and 2022

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THE Monetary Board (MB) of the Bangko Sentral ng Pilipinas (BSP) announced that it has revised its initial forecast of the country’s baseline inflation rate for the years 2021 and 2022.

According to BSP Deputy Governor Francisco Dakila Jr., this is due to the slight increase in inflation rate, or the cost of products and services, recorded for the month of November.

From the initial forecast of a 4.3-percent inflation rate for 2021, this was adjusted by the MB to 4.4 percent.

Even the forecast of the baseline inflation rate for 2022, initially forecasted by the BSP to 3.3 percent, was increased by the MB to 3.4 percent.

Among the reasons cited by BSP Governor and MB Chairman Benjamin Diokno were the problems experienced in relation to the supply of many products.

Meanwhile, here was no change in the BSP inflation forecast for the year 2023, which is at 3.2 percent.

Diokno assured, however, the readiness of the BSP against possible effects to the country’s currency that may arise due to issues related to the supply of products.

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