MANILA, April 29 (Xinhua) -- The Philippine central bank projected on Monday that the country's inflation rate in April will settle at a range of 2.2 to 3.1 percent.
The Bangko Sentral ng Pilipinas (BSP) said the benign inflation outlook for April is due to lower prices in consumer items including food. Philippine inflation averaged 3.2 percent in January to March.
"The forecast in April is due to lower domestic oil prices as well as price reductions in selected food items, particularly in- season fruits and fresh vegetables, cooking oil, and sugar," said BSP governor Amando M. Tetangco, Jr. in a text message.
Average inflation for 2013 is expected to settle at three percent, lower than the 3.2 percent registered in 2012.
Tetangco said inflation next year would be a little higher at 3. 4 percent, due to the impact of the adjusted cost of cigarettes and alcohol products, which had been taxed higher to generate more revenues for the government.