MANILA — The Bangko Sentral ng Pilipinas (BSP) said it is prepared to take further measures to bring inflation back to target after price growth accelerated in April.

“The BSP is committed to fulfilling its primary mandate of slow inflation and will take necessary actions to ensure inflation returns to its 3-percent target within a reasonable time,” the central bank said in a statement.

Inflation rose to 7.2 percent in April from 4.1 percent in March, exceeding the BSP’s forecast range of 5.6 percent to 6.4 percent for the month.

From January to April, average inflation stood at 3.9 percent, already above the BSP’s full-year target of 3 percent.

The BSP attributed the uptick in inflation to higher global fuel prices, which drove up costs of food and energy. Prices of rice and fish increased due to elevated post-harvest and transport expenses, while transport inflation climbed alongside higher domestic fuel prices. Electricity rates also went up due to increased generation charges.

Core inflation, which excludes volatile food and energy items, likewise accelerated to 3.9 percent in April from 3.2 percent in March.

The BSP’s Monetary Board raised policy rates by 25 basis points last month in response to inflationary pressures linked to the Middle East conflict.

The central bank earlier projected inflation to average 6.3 percent this year and 4.3 percent in 2027.

It added that it “will remain vigilant for spillover effects, data-driven, and ready to act as needed.”