MANILA, Philippines – Amid surging prices of goods in the first 5 months of the year, the Development Budget Coordination Committee (DBCC) revised its inflation outlook for 2018.
Budget Secretary Benjamin Diokno announced in a press briefing on Monday, July 2, that the government now expects inflation to settle between 4% and 4.5% for the whole year. The government previously pegged inflation at just within 2% to 4%.
Average inflation for the first 5 months of the year clocked in at 4.1%. Inflation in May reached a fresh 5-year high of 4.6%.
Economists of the Bangko Sentral ng Pilipinas (BSP) projected June inflation to fall within 4.3% to 5.1%.