Month-Ahead Inflation Forecast for January 2021

29 January 2021

The BSP projects January 2021 inflation to settle within the 3.3 – 4.1 percent range. Higher prices for fuel and meat as well as increased Meralco power rates and excise taxes on alcoholic beverages and tobacco contributed to upward price pressures during the month. These could be partly offset by stable rice prices, lower prices of selected fish and vegetables as well as the continued appreciation of the peso. Going forward, the BSP will remain watchful of economic and financial developments to ensure the delivery of its primary mandate of price stability conducive to a balanced and sustainable economic growth.

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