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Business sector calls for measures to soften inflation

File photo MANILA - Manufacturers and retailers of key commodities are calling for the institution of creative new measures to ease price pressures as the Bangko Sentral ng Pilipinas expects last month's inflation to likely hover around the 8.5 to 9.3 percent range. In an interview Wednesday, Steven Cua, president of the Philippine Amalgamated Supermarkets Association, said local food producers need support to lessen the country's dependence on imported produce. He said an over-reliance on food that is shipped in from abroad inevitably translates to higher retail prices. "We really have to develop our own food production capabilities to protect the public against inflation," he said. Cua, whose group is composed mostly of medium-sized supermarkets nationwide, agreed that the BSP's forecast accurately reflects actual price changes at the store front in February. While volumes being sold by supermarkets remain largely unchanged despite price increases, he said consu ....

Lucito Chavez , Fernando Martinez , Bangko Sentral , Steven Cua , Panaderong Pilipino , Philippine Amalgamated Supermarkets Association , Eastern Petroleum , File Photo Manila Manufacturers And Retailers Of Key Commodities Are Calling For The Institution Creative New Measures To Ease Price Pressures As Bangko Sentral Ng Pilipinas Expects Last Month 39s Inflation Likely Hover Around 8 5 9 3 Percent Range In An Interview Wednesday , Steven Cua , Resident Of The Philippine Amalgamated Supermarkets Association , Aid Local Food Producers Need Support To Lessen The Country 39s Dependence On Imported Produce He Said An Over Reliance That Is Shipped In From Abroad Inevitably Translates Higher Retail Prices Quot We Really Have Develop Our Own Production Capabilities Protect Public Against Inflation , Uot He Said Cua , Hose Group Is Composed Mostly Of Medium Sized Supermarkets Nationwide , Greed That The Bsp 39s Forecast Accurately Reflects Actual Price Changes At Store Front In February While Volumes Being Sold By Supermarkets Remain Largely Unchanged Despite Increases , E Said Consumers Are Noticeably Inclined Towards Lower Cost Or Sale Items Lucito Chavez , Resident Of The Asosasyon Ng Panaderong Pilipino , Ppealed To The Administration Offer Soft Loans And Other Affordable Financing Options Struggling Community Bakers He Said Many Small Bakeries Are Becoming Quot Victims Of Economies Scale Unable Compete With Large Corporate Chavez Big Baking Corporations , Ome Of Which Are Foreign Owned , Re Able To Bulk Purchase Raw Materials At Preferential Prices Quot Small Bakeries Cannot Price Themselves Out Of The Competition Despite Their Higher Cost For Same , O They Are Forced To Moderate Their Price Increases The Point Of Only Breaking Even , Uot He Added But Eastern Petroleum Chairperson Fernando Martinez Said There Is Reason To Be Optimistic Because Of Recent Developments In The World Market , Hich Is Reportedly The Origin Of World Inflationary Pressures He Said Local Pump Prices Diesel Have Declined To Levels Where They Are Once Again Lower Than Price Unleaded Gasoline Martinez While Fuel Not Settled Back Their Prior Russia Ukraine Conflict , He Recent Decline In The Price Of Diesel Isa Quot Clear Sign Improvement Quoti Think That Some Inflation Forecasts May Be Higher Than What We Are Actually Seeing On Ground , Uot He Said In Its Month Ahead Forecast , He Bsp Said The Upward Price Pressures In February Were Likely Driven By Higher Liquefied Petroleum Gas Lpg Prices And Elevated Of Key Food Items , Uch As Pork ,

BSP eyes February inflation at 8.5%-9.3%

ELEVATED INFLATION. Higher prices of liquified petroleum gas (LPG), along with upticks in the prices of several food items, are projected to drive February 2023 inflation rate to between 8.5 to 9.3 percent. These factors are expected to be cushioned by lower petroleum prices and peso appreciation. (PNA file photo) MANILA - The Bangko Sentral ng Pilipinas (BSP) forecasts February 2023 inflation rate at range of 8.5 to 9.3 percent, citing the upside risks from higher prices of cooking gas. In a statement on Tuesday, the central bank said elevated prices of key food items, such as pork, fish, egg and sugar, are also expected the additional drivers of the rate of price increases this month. These factors, however, are seen to be countered by the lower prices for domestic petroleum, fruits and vegetables, chicken, and beef. "The peso appreciation could contribute to easing price pressures during the month," the BSP said. This, after the peso strengthened to 54-level against the US ....

Bangko Sentral , Elevated Inflation Higher Prices Of Liquified Petroleum Gas Lpg , Long With Upticks In The Prices Of Several Food Items , Re Projected To Drive February 2023 Inflation Rate Between 8 5 9 3 Percent These Factors Are Expected Be Cushioned By Lower Petroleum Prices And Peso Appreciation Pna File Photo Manila The Bangko Sentral Ng Pilipinas Bsp Forecasts At Range Of , Iting The Upside Risks From Higher Prices Of Cooking Gas Ina Statement On Tuesday , He Central Bank Said Elevated Prices Of Key Food Items , Uch As Pork , Gg And Sugar , Re Also Expected The Additional Drivers Of Rate Price Increases This Month These Factors , Re Seen To Be Countered By The Lower Prices For Domestic Petroleum , Fruits And Vegetables , Nd Beef Quot The Peso Appreciation Could Contribute To Easing Price Pressures During Month , Uot The Bsp Said This , Fter The Peso Strengthened To 54 Level Against Us Dollar In Recent Weeks Inflation Rate Last January Accelerated Further 8 7 Percent From Month Ago 39s 1 Its Rise Doused Hopes That Domestic Likely Peaked December Quot Bsp Will Continue Adjust Monetary Policy Stance As Necessary Prevent Broadening Of Price Pressures Well Emergence Additional Second Order Effects , Uot The Central Bank Said Its Key Policy Rates Have Been Hiked Bya Total Of 400 Basis Points To Help Address Elevated Inflation Rate Quot Bsp Will Also Continue Monitor Closely Emerging Price Developments In Accordance With 39s Stability Mandate , Uot The Central Bank Added Pna ,

Balance of risks for 2021 inflation still 'on the upside': Diokno

(File photo) MANILA - The rate of price increases decelerated to 4.6 percent last October from month-ago's 4.8 percent but Bangko Sentral ng Pilipinas (BSP) Governor Benjamin Diokno said the balance of risks remains on the upside. Last month's inflation rate is near the lower end of the central bank's 4.5-5.3 percent forecast range for October and brought the year-to-date average to 4.5 percent. "The balance of risks to the inflation outlook remains on the upside for the remaining months of 2021 but continues to be broadly balanced for 2022 and 2023," Diokno told journalists in a Viber message on Friday. He reiterated that average inflation this year is projected to stay above the target band but to stay within target in the next two years. As of the last rate-setting meet of the central bank's policy-making Monetary Board (MB) last September, the BSP's average inflation forecast for this year is 4.4 percent while it is 3.1 percent for the next two years. ....

Benjamin Diokno , Bangko Sentral , National Government , Governor Benjamin Diokno , Monetary Board , Ile Photo Manila The Rate Of Price Increases Decelerated To 4 6 Percent Last October From Month Ago 39s 8 But Bangko Sentral Ng Pilipinas Bsp Governor Benjamin Diokno Said Balance Risks Remains On Upside Inflation Is Near Lower End Central Bank 5 3 Forecast Range For And Brought Year Date Average Quot Outlook Remaining Months 2021 Continues Be Broadly Balanced 2022 2023 , Uot Diokno Told Journalists Ina Viber Message On Friday He Reiterated That Average Inflation This Year Is Projected To Stay Above The Target Band But Within In Next Two Years As Of Last Rate Setting Meet Central Bank 39s Policy Making Monetary Board Mb September , He Bsp 39s Average Inflation Forecast For This Year Is 4 Percent While It 3 1 The Next Two Years Diokno Said Their Forecasts Until Are In Line With Private Sector Economists 39 Expectations Monetary Authorities Continue To View Quot That Supply Side Price Pressures Best Addressed By Timely Non Interventions Could Ease Domestic Constraints Regard , He National Government Is Currently Pursuing Direct Measures To Enhance The Availability Of Key Goods , Uch As Pork , Ice And Fish , Uot He Said Also Noted The Announcement Of Fuel Subsidy Amounting To Php1 Billion For Affected Public Utility Vehicle Puv Stakeholders As Well Increased Allowable Capacity In Puvs These Measures , She Said , Uot Can Help Support The Transport Sector And Prevent Second Round Effects Amid Rising Oil Prices Quot Looking Ahead , He Bsp Stands Ready To Maintain Its Accommodative Monetary Stance For As Long Necessary Support The Economy 39s Sustained Recovery Extent That Inflation Outlook Would Allow Is Also Reviewing Assessment Of Price Environment Ahead 18 November Policy Meeting , Uot He Added Pna ,