The inflation target this year has been raised to 5 percent to 7 percent from its earlier goal of 2.5 percent to 4.5 percent, the Development Budget and Coordination Committee (DBCC) said Monday.

The adjustment for inflation was made ''given the prices of food, energy and transport costs,'' the DBCC said in a statement.

But, the government ''is committed to pursuing an all-of-government approach to continuously implement immediate and medium term strategies to alleviate inflation, ensure food and energy security and return to the target range of 2 to 4 percent between 2024 to 2028,'' the DBCC said.

With the Philippines projected to continue a ''high-growth performance'' until 2028, the DBCC is keeping growth targets at 6 to 7 percent for 2023 and 6.5 to 8 percent for 2024 to 2028 ''in consideration of the risks posed by geopolitical and trade tensions, possible global economic slowdown, as well as weather disturbances in the country.'' DMS