MANILA -- Inflation may settle within the 5.3 to 6.1 percent range in September, the Bangko Sentral ng Pilipinas (BSP) said Friday.

Higher prices of fuel, electricity, and key agricultural commodities may have driven prices prices upward, according to the BSP.

• Oil prices drop after 11 weeks of hikes

The peso's depreciation may have also contributed to the high prices of goods, the BSP said.

• Peso depreciation 'smaller' compared to neighbors: BSP Gov

Meanwhile, lower rice and meat prices could contribute to downward price pressures for the month.

President Ferdinand Marcos Jr. imposed a price ceiling of P41 for regular milled rice and P45 for well-milled rice.

• ‘Napilitan tayo’: Marcos says smuggling forced him to impose price cap on rice

After slowing down for six months, inflation quickened in August to 5.3 percent following increases in fuel and food prices, particularly rice.

• Inflation quickens to 5.3 pct in August as rice, fuel costs rise

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