Consumer prices may have increased significantly in February, as the Bangko Sentral ng Pilipinas (BSP) said it expects inflation this month to hit the highest rate recorded by the Philippines since November 2014.

In a statement sent to reporters on Monday, Central Bank Governor Amando M. Tetangco Jr. said the BSP’s current models suggest that February inflation could settle within the 3.1 percent-to-3.9 percent range.

This means inflation could have expanded from the 2.7 percent recorded in the previous month. The projected February inflation is also a stark contrast to the 0.9 percent rate seen in the same month last year.

The BSP’s projection also indicates that the country’s inflation rate would hit above 3 percent for the first time in more than two years. The last time Philippine inflation breached the 3-percent mark was last November, when it settled at 3.7 percent.

“The increase in domestic petroleum prices, jeepney and taxi fares, and electricity rates of Manila Electic Co.-serviced areas could exert upside pressures to inflation during the month,” Tetangco said.

This expected strong uptick in February, however, is seen to be temporary as the pressures affecting the local prices are largely coming from supply-side issues.

“Moving forward, the BSP will continue to monitor closely emerging price conditions to ensure price stability conducive to a balanced and sustainable economic growth,” Tetangco said.

Earlier this month, BSP Deputy Governor for the Monetary Stability Sector Diwa C. Guinigundo said the central bank now expects inflation to hit 3.5 percent this year, higher than the earlier assumption of 3.3 percent.

For 2018, inflation is expected to settle at 3.1 percent, also faster than the 3 percent projected earlier.

Guinigundo cited higher oil prices and the depreciation of the peso in the last quarter of 2016 as factors that would put pressure on inflation.