MANILA, May 31 (Reuters) - Philippine annual inflation was likely to be within a range of 3.7% to 4.5% in May, the central bank said on Friday, reflecting upside pressures from higher electricity and vegetable prices which could be offset by lower costs of other food items.
Annual inflation in April was 3.8%, marking the third straight month that the pace of price increases has accelerated, but it remained within the central bank's 2%-4% target range.
"Going forward, the BSP (central bank) will continue to monitor developments affecting the outlook for inflation and growth in line with its data-dependent approach to monetary policy decision-making," it said in a statement.
The Philippine statistics agency will release May inflation data on June 5. The central bank held its policy rate steady at 6.50% earlier this month and it's next review is on June 27. (Reporting by Mikhail Flores; Editing by Martin Petty and John Mair)
