Manila: Upticks in the prices of rice and fish, among other food items, are seen as upside risks to January 2026 inflation, which the Bangko Sentral ng Pilipinas (BSP) eyes to range between 1.4 to 2.2 percent. "Increased domestic fuel costs, the annual adjustment in excise taxes for alcohol and tobacco, higher water and toll rates, as well as the peso depreciation pose additional risks to the current month's rate of price increases," the BSP said in an advisory Friday night. According to Philippines News Agency, these pressures could be partly offset by lower electricity charges in Meralco-serviced areas and stabilizing vegetable prices. The BSP will continue to monitor domestic and international developments affecting the outlook for inflation and growth in line with its data-dependent approach to monetary policy. Monetary officials forecast the acceleration of domestic inflation rate this year within the government's 2 to 4 percent target band. In 2025, inflation averaged at 1.7 percent, below the 2 to 4 percent target band, partly attributed to government measures to ensure adequate supply and provide stable food prices.