Inflation, or the rise in consumer prices, is expected to be slower than February’s 8.6%, according to the Bangko Sentral ng Pilipinas on Friday, March 31.

In a statement, the BSP said inflation would likely range between 7.4% and 8.2%.

“The recent rollback in domestic petroleum prices, the lower prices of fruits and vegetables, as well as the decline in chicken and sugar prices, are expected to contribute to easing price pressures during the month,” the central bank said.

“Upward price pressures for the month are expected to emanate from higher electricity rates in Meralco-serviced areas as well as increased prices of other key food items, such as pork, fish, eggs, and rice.”

The BSP said it “remains prepared to respond appropriately to continuing inflation risks in line with its data-dependent approach to monetary policy formulation.”

The central bank expects inflation to average 6% this year.