The Bangko Sentral ng Pilipinas (BSP) sees inflation in February ''to settle within the range of 8.5 to 9.3 percent.''

In January, inflation reached 8.7 percent, the highest since November 2008.

''Upward price pressures for the month are expected to emanate from higher LPG prices as well as elevated prices of key food items, such as pork, fish, egg, and sugar,'' said BSP.

''Lower prices for domestic petroleum, fruits and vegetables, chicken, and beef, along with the peso appreciation could contribute to easing price pressures during the month,'' added BSP.

BSP said it will ''continue to adjust its monetary policy stance as necessary to prevent the further broadening of price pressures as well as emergence of additional second order effects.''

The central bank ''will also continue to monitor closely emerging price developments in accordance with the BSP’s price stability mandate.'' DMS