For more detail, see Rosati, S. and Vacirca, F. (2019), “  Interdependencies in the euro area derivatives clearing network: a multi-layer network approach”, Working Paper Series, No 2342, ECB, December.
(Upside risks to inflation): potential rebound in global crude oil prices, adverse weather conditions such as El Niño, higher electricity rates, reduction in the BSP’s policy interest rate, and higher domestic demand due to the upcoming midterm elections and school enrollment (Downside risks to inflation): the lower inflation prints, implementation of non-monetary policy actions to increase domestic food supply and stabilize prices such as the rice tariffication law and the mitigating measures put in place by the Department of Agriculture against the lingering weak El Niño condition, lower global crude oil prices, base effects, stable domestic currency against the US dollar, slower global trade and economic growth, and continued monetary impact of the BSP’s policy rate hikes in 2018.