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Inflation for the month of March could have settled within the 3.3 percent to 4.4 percent range, the Bangko Sentral ng Pilipinas said Thursday.

Inflationary pressures within the month include the continued oil price hike, high electricity rates in Meralco-serviced areas, higher meat prices and the peso depreciation, the central bank said in a statement.

These could be partly offset by lower water rates by Maynilad and Manila Water and the easing supply constraints which led to the decrease in prices of rice, fish and vegetables, the BSP said.

“Looking ahead, the BSP will continue to monitor emerging price developments and possible second-round effects to help achieve its primary mandate of price stability that is conducive to balanced and sustainable economic growth of the economy,” it said.

The inflation outlook for 2022 was earlier revised upwards to reflect the potential impact of the ongoing tension between Russia and Ukraine.

Inflation could average at 4.3 percent this year from the earlier estimate of 3.7 percent. This is above the government’s 2 to 4 percent target range. Inflation totaled 4.5 percent in 2021.

For 2023, inflation expectation was also revised to 3.6 percent from 3.3 percent.