Metro Manila (CNN Philippines, October 31) — The Bangko Sentral ng Pilipinas (BSP) on Tuesday forecast inflation in October to settle within the range of 5.1 to 5.9%, slightly lower than 6.1% in September.
In a statement, the BSP said higher prices of electricity, LPG, fruits, and fish, as well as the recent adjustment in jeepney fares, are the main drivers of price pressures this month.
READ: PH inflation quickens anew to 6.1% in September
On the other hand, lower prices of rice, meat, and vegetables, along with the cut in prices of petroleum products, may push the commodity prices downwards, the central bank said.
“Going forward, the BSP will continue to monitor developments affecting the outlook for inflation and growth in line with its data-dependent approach to monetary policy formulation,” it said.
Last month, the country logged the fastest increase in rice inflation in more than a decade at 17.9%. This was amid a rice price ceiling imposed by President Ferdinand Marcos Jr.
The rice policy was lifted on Oct. 4 but Marcos assured that the government will continue to provide aid to farmers.
