Results of the BSP’s survey of private-sector economists held in February 2023 showed that they expect inflation to reach 6.0 percent in 2023,
higher than the 4.9 percent recorded in last month’s survey round.
Similarly, the inflation forecast of private-sector economists for 2024 rose to 4.0 percent from 3.7 percent previously, while the forecast for
2025 increased to 4.1 percent from 3.6 percent.
Analysts expect inflation to remain above the upper end of the government’s target range in 2023 given the higher-than-expected January 2023
inflation, higher demand for goods and services, as well as supply shortages.