The March inflation of 3.7 percent is within the Bangko Sentral ng Pilipinas forecast range of 3.4 to 4.2 percent, it said in a statement Friday.

The inflation outturn is consistent with the BSP expectations that inflation will likely remain within the target range in first quarter due largely to negative base effects.

However, inflation could temporarily accelerate above the target range in the next two quarters of the year due to the possible adverse impact of adverse weather conditions to domestic agricultural output and positive base effects.

The risks to the inflation outlook remain tilted toward the upside.

The upside risks to the inflation outlook could emanate from higher transport charges, higher prices of food commodities facing supply constraints, increased electricity rates, higher global oil prices, and implementation of a legislated increase in the minimum wage.

Looking ahead, the Monetary Board will consider the latest inflation outturn in its coming monetary policy meeting on April 8.

The BSP also continues to support the National Government’s non-monetary measures to address supply-side pressures on prices and sustain the disinflation process. BSP