Manila, April 30 -- The Bangko Sentral ng Pilipinas (BSP) is projecting April inflation to settle within the 1.3 percent to 2.1 percent range.

If the lower end of the projection is realized, the inflation rate will be lowest recorded since the 1.2 percent logged in November 2019.

"Easing prices of rice, fish, fruits, and vegetables, favorable domestic supply conditions, along with lower oil prices and the peso appreciation, contributed to the downward price pressures for the month," the BSP said in a statement on Wednesday.

The central bank, however, said these could be offset in part by the higher electricity rates and LRT-1 fares.

"Going forward, the Monetary Board will continue to take a measured approach in adjusting the monetary ...