According to the Bangko Sentral ng Pilipinas (BSP), weather disturbances disrupting supply chains and increased utility costs likely contributed to faster inflation in December 2024. The BSP forecasts average inflation between 2.3% and 3.1% for December, with full-year inflation averaging 3.2%. The BSP attributes the upward price pressures to higher food prices due to supply disruptions and increased electricity and petroleum prices. However, these pressures are expected to be partially offset by lower prices for agricultural commodities like rice.
WEATHER disturbances that disrupted supply chain s and more expensive utilities may have led to faster inflation in December 2024, according to the Bangko Sentral ng Pilipinas .
“Upward price pressures in December could stem from increased prices of major food items owing to the supply disruptions from recent weather disturbances, as well as higher electricity rates and petroleum prices,” BSP said. “Nonetheless, these are expected to be offset in part by lower prices of agricultural commodities like rice.”
The BSP said this considers the current structure of the Philippine economy and the macroeconomic outlook over the next few years.
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