3.4% inflation rate expected by end of 2024

The Department of Finance (DOF) forecasts a full-year inflation rate of 3.4% by the end of 2024.

During a recent media briefing at Malacañang, DOF Secretary Ralph Recto stated this projection aligns with the Bangko Sentral ng Pilipinas (BSP) target range of 2% to 4%.

“We expect it to be within the target range of the BSP… so we’re looking at a total inflation rate of about 3.4 percent, more or less,” Recto explained.

He also mentioned upcoming discussions with the BSP on interest rates for government borrowing and potential reductions for personal loans, highlighting that “interest rates for credit cards may also decrease as we approach Christmas.”