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August inflation may settle at 4.8 to 5.6 pct: BSP
August inflation may settle at 4.8 to 5.6 pct: BSP
ABS-CBN News
Published Aug 31, 2023 04:04 PM PHT
A produce vendor attends to the store’s inventory of both local and imported onions at a public market in Marikina City on January 25, 2023. Jonathan Cellona, ABS-CBN News
MANILA — Inflation in August may settle to somewhere between 4.8 and 5.6 percent, the Bangko Sentral said Thursday.
Higher prices of rice and other agricultural commodities due to weather disturbances may drive inflation up, according to the BSP.
The hike in fuel prices and increased transport costs due to higher train fares and toll rates may also push inflation upward. The depreciation of the peso may also move commodity prices higher, the BSP said.
Easing inflation has allowed the BSP to pause rate hikes during its last policy-setting meeting.
Finance Secretary Benjamin Diokno has said he is bullish about Philippine inflation, noting that it may fall below 2 percent by the first quarter of 2024.
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![A produce vendor attends to the store’s inventory of both local and imported onions at a public market in Marikina City on January 25, 2023. Jonathan Cellona, ABS-CBN News]](https://sa.kapamilya.com/absnews/abscbnnews/media/2023/news/02/07/inflation.jpg)
