The Bangko Sentral ng Pilipinas (BSP) on Tuesday vowed that it will take necessary actions to make sure that inflation returns to target within a reasonable time.

“The BSP is committed to fulfilling its primary mandate of slow inflation and will take necessary actions to ensure inflation returns to its 3-percent target within a reasonable time,” the BSP said in a statement.

Inflation accelerated to 7.2 percent in April from 4.1 percent in March this year.

The April inflation data was above the BSP forecast range of 5.6 percent to 6.4 percent for the month.

The average inflation from January to April was at 3.9 percent, exceeding the BSP’s target of 3 percent for the full year.

The BSP said the higher inflation reflects the impact of higher international fuel prices on food and energy costs.

Rice and fish prices increased due to higher post-harvest and transportation costs, it said.

Transport inflation rose with higher domestic petroleum prices at the pump, while electricity rates increased due to higher generation charges.

Core inflation, which excludes volatile food and energy items, also rose from 3.2 percent in March to 3.9 percent in April.

The Monetary Board of the BSP raised policy rates by 25 basis points last month amid rising inflation linked to the Middle East conflict.

It earlier said inflation is now projected to average 6.3 percent this year and 4.3 percent for 2027.

The BSP said it “will remain vigilant for spillover effects, data-driven, and ready to act as needed.” (PNA)