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Our call: 6.1% inflation print for May 2023
The country’s Inflation continues to cool down. We may see the benchmark interest rate kept stable in the BSP’s next monetary board meeting.
By Metrobank
Metrobank expects a continued easing in the year-on-year Consumer Price Index (CPI) inflation rate, potentially settling at 6.1% in May 2023 from 6.6% in April. This forecasted print falls within the Bangko Sentral ng Pilipinas’ (BSP) range of 5.8% to 6.6%, driven by the continued decline in the prices of fuel and select food commodities. Should this materialize, the BSP may take a step back in hiking interest rates in its upcoming Monetary Board meeting on June 22, keeping the benchmark rate at 6.25%.
The official May 2023 Inflation print will be out tomorrow, June 6, 2023, at 9:00 AM.
See our May pre-inflation print report for further details.