MANILA: The Philippine central bank slightly lowered on Thursday its inflation forecasts for this year and next, saying the inflation outlook remains within target although there are upside risks from possible increases in utility, food and oil prices.

The central bank now expects inflation this year to average 4.2 percent, lower than a previous estimate of 4.3 percent.

It also sees 2015 average inflation at 3.2 percent against 3.3 percent previously.