In this file:
· Pork tariff reduction key to PH inflation deceleration: BSP
· Inflation steady at 4.5 percent in May
Pork tariff reduction key to PH inflation deceleration: BSP
By Joann Villanueva, Philippine News Agency
June 4, 2021
MANILA – The deceleration of the domestic inflation rate, which is steady at 4.5 percent last May, depends on the normalization of pork supply with the help of the temporary tariff cut on imported pork.
Bangko Sentral ng Pilipinas (BSP) Governor Benjamin Diokno, in a message to reporters on Friday, said last month’s inflation print is within their 4 percent to 4.8 percent projection for the month and is in line with their expectations of an elevated rate during the quarter because of pork supply constraints and high oil prices.
He, however, reiterated monetary authorities’ forecast of inflation deceleration to within the 2 percent to 4 percent target band starting in the second half of the year until 2022 once supply stabilizes.
“The implementation of the temporary reduction in tariffs on imported pork is seen to address supply constraints and ease price pressures on meat products going forward. Thus, the projected decline of inflation depends crucially on the timely arrival of pork to help stabilize domestic prices,” he said...
Inflation steady at 4.5 percent in May
Jun 04 2021
MANILA—Inflation remained unchanged for the third straight month in May, reflecting the stable prices of basic commodities, the state statistics bureau said Friday.
The consumer price index rose 4.5 percent, similar to the previous month, the Philippine Statistics Authority (PSA) said in a virtual briefing.
May's figure, which is within the Bangko Sentral ng Pilipinas' (BSP) 4 to 4.8 percent projection, remains above the government target of 2 to 4 percent.
Food and non-alcoholic beverages, as well as transport, contributed the most to the inflation for the month, data showed...
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