Philippines central bank warns monetary policy cannot tame inflation

Iran tensions

Governor says price rises being driven by factors outside its control

Shoppers at a supermarket in Metro Manila in the Philippines. The country’s central bank forecast on March 26 that inflation will average 5.1% in 2026. (Photo by Yuki Fujita)

MANILA — The Philippine central bank forecast on Thursday inflation is likely to average above 5% this year and that monetary policy “couldn’t do very much” to bring it down because rising prices are being driven by factors outside its control.