• Philippine central bank says May inflation likely between 3.7% to 4.5% y/y, with peso weakness among primary sources of upward price pressures.
• Power costs, vegetable prices may have also driven inflation up, Bangko Sentral ng Pilipinas says in a statement
• Lower rice, oil prices could offset upside price pressures
• “Going forward, the BSP will continue to monitor developments affecting the outlook for inflation and growth in line with its data-dependent approach to monetary policy decision-making,” it says
• May inflation data set to be released on June 5