MANILA, Philippines (Xinhua) - Inflation in April could settle at a range from 3.6 percent to 4.5 percent due to higher rice prices and an increase in power rates, the local central bank said today.
"This forecast incorporates both possible upward pressures from rice prices due to the lean season and adjustments in electricity rates, and possible lower prices of other food items during the month," said Bangko Sentral ng Pilipinas Governor Amando Tetangco, Jr.
Government data showed that rice prices registered increases in April compared to prices recorded in March. Manila Electric Co. ( MERALCO), the country's biggest power distributor, also raised power rates last month.
Inflation in March eased to 3.9 percent, from 4.1 percent in February, on the back of slower increases in the prices of alcohol and tobacco products and utilities.