Philippine central bank says inflation set to ease in 2022

MANILA (Reuters) - Philippine inflation is on course to remain elevated this year before easing in 2022, as the central bank monitors the evolving economic situation because of the pandemic, its governor said on Wednesday.

The balance of risks on the inflation outlook remains slanted around the baseline path in 2021, while towards the downside in 2022, central bank Governor Benjamin Diokno told reporters.

Inflation hit 4.5% in April, well within the central bank's forecast of 4.2% to 5%, with monetary authorities set to review key interest rates on May 13.

(Reporting by Neil Jerome Morales and Enrico dela Cruz; Editing by Ed Davies)