MANILA - Inflation could settle within 1.9 percent to 2.7 percent in October due to higher oil prices and damage brought by two successive typhoons, the central bank said Wednesday.

Consumer prices in September rose at the fastest pace since March 2015 due to higher food and fuel costs, according to the Philippine Statistics Authority.

Bangko Sentral ng Pilipinas Governor Amando Tetangco said the sustained increase in food and fuel prices in October offset the slight decline in rice prices and power rates in areas serviced by the Manila Electric Co.

"Moving forward, the BSP will remain watchful of economic and financial developments that could affect inflation, in line with its commitment to the inflation target and in support of the government's growth objectives," Tetangco said.

Super Typhoon "Lawin" (international name: Haima) swept across farming provinces in the north last week, just days after Typhoon "Karen" (international name: Sarika).