MANILA, June 30 (Mabuhay) — Inflation in June likely settled within the 3.9 to 4.7 percent range, a Bangko Sentral ng Pilipinas think tank said Wednesday.

In a statement, the BSP Department of Economic Research said that higher prices of domestic petroleum products, the upward adjustment in electricity rates and a slightly weaker peso were the main sources of upward price pressure for the month.

These could be “partially offset” by the decline in prices of some key food items such as rice, meat and fruits due to improving supply conditions.

The point of inflation projection for the month is at 4.3 percent, BSP Governor Benjamin Diokno said.

Inflation in May was at 4.5 percent.

Diokno earlier said inflation could fall back within the government target of 2 to 4 percent earlier than expected this year instead of in 2022. (MNS)

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