MANILA, June 28 (Xinhua) -- Philippine inflation in June is expected to have reached 3.8 to 4.7 percent on higher oil prices and tuition fees, Central Bank Governor Amando M. Tetangco Jr. said Monday.
"Forces that are likely to have dominated price movements in June are hikes in tuition fees and increases in certain food items as well as domestic pump prices," Tetangco said in a text message sent to reporters.
The forecast range for June, he explained, "augurs well for a within-target full year inflation" ranging from 3.5 percent up to 5.5 percent this year.
The central bank is also monitoring developments in Europe as the fiscal problems in Greece, Spain and Portugal may spill over to emerging markets like the Philippines.
Tetangco said they are particularly on the lookout for how such problems can affect Asia as well as the country's forecast growth of 5 percent up to 6 percent this year in terms of the gross domestic product or GDP.