Basic goods will become even pricier this year as the tax reform kicks in.
The Bangko Sentral ng Pilipinas (BSP) has conceded that inflation will likely overshoot their 2-4 percent target this year, with the announcement made as early as their Feb. 8 policy meeting.
The BSP said annual inflation will average 4.3 percent this 2018, higher than the 3.4 percent previously expected and the 3.2 percent average last year.
The central bank attributed the price spike to the impact of the tax reform as it raised excise taxes on a number of goods including fuel, as well as rising crude oil prices in the international market.
Don’t be too surprised if your usual monthly budget isn’t enough for your needs anymore.