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The Bangko Sentral ng Pilipinas forecasts May inflation to be within 3.7 to 4.5 percent, compared to April's 3.8 percent.

Should May inflation surpass the April's tally, it will mark the third straight month that inflation has increased.

On its last policy-setting meeting, the Monetary Board kept the overnight rate of 6.5 percent, the highest in more than 10 years.

''Continued increases in electricity rates and vegetables prices alongside recent peso depreciation are the primary sources of upward price pressures for the month,'' said BSP.

Lower prices of rice, fish, and fruits as well as lower domestic oil and LPG prices could offset the upside price pressures, the BSP added. DMS