Inflation likely within 4.5 to 5.3 percent in October: BSP | ABS-CBN
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Inflation likely within 4.5 to 5.3 percent in October: BSP
Inflation likely within 4.5 to 5.3 percent in October: BSP
ABS-CBN News
Published Oct 29, 2021 02:08 PM PHT
MANILA - Inflation for the month of October likely settled within the 4.5 percent to 5.3 percent range, the Bangko Sentral ng Pilipinas said Friday.
MANILA - Inflation for the month of October likely settled within the 4.5 percent to 5.3 percent range, the Bangko Sentral ng Pilipinas said Friday.
The consumer price index (CPI) will be driven "largely" by the upward adjustments in domestic oil prices, the BSP said in a statement, as oil companies implemented price hikes for 9 consecutive weeks.
The consumer price index (CPI) will be driven "largely" by the upward adjustments in domestic oil prices, the BSP said in a statement, as oil companies implemented price hikes for 9 consecutive weeks.
Higher Meralco electricity rates, the uptick in fish and fruits prices as well as peso depreciation will provide additional upside pressures, the central bank said.
Higher Meralco electricity rates, the uptick in fish and fruits prices as well as peso depreciation will provide additional upside pressures, the central bank said.
OCTOBER INFLATION TO SETTLE WITHIN THE 4.5 -5.3 PERCENT RANGE
The @BangkoSentral projects October 2021 inflation to settle within the 4.5-5.3 percent range. Inflation will be driven largely by the upward adjustments in domestic oil prices.
— Benjamin Diokno (@GovBenDiokno) October 29, 2021
OCTOBER INFLATION TO SETTLE WITHIN THE 4.5 -5.3 PERCENT RANGE
— Benjamin Diokno (@GovBenDiokno) October 29, 2021
The @BangkoSentral projects October 2021 inflation to settle within the 4.5-5.3 percent range. Inflation will be driven largely by the upward adjustments in domestic oil prices.
These can be partially offset by the continued decline in rice and meat prices due to the arrival of pork imports, it added.
These can be partially offset by the continued decline in rice and meat prices due to the arrival of pork imports, it added.
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Pork prices rose in the previous month after the African Swine Fever caused shortage in supply.
Pork prices rose in the previous month after the African Swine Fever caused shortage in supply.
"Moving forward, the BSP will continue to closely monitor emerging price developments to help ensure that its primary mandate of price stability conducive to balanced and sustainable economic growth is achieved," the central bank said.
"Moving forward, the BSP will continue to closely monitor emerging price developments to help ensure that its primary mandate of price stability conducive to balanced and sustainable economic growth is achieved," the central bank said.
Inflation in September slowed to 4.8 percent.
Inflation in September slowed to 4.8 percent.
BSP Deputy Governor Francisco Dakila earlier said it is possible for inflation to hit 5 percent due to the current upward pressures.
BSP Deputy Governor Francisco Dakila earlier said it is possible for inflation to hit 5 percent due to the current upward pressures.
Inflation has been hovering above the government target of 2 to 4 percent in the recent months as the economy grapples with the impact of the COVID-19 pandemic.
Inflation has been hovering above the government target of 2 to 4 percent in the recent months as the economy grapples with the impact of the COVID-19 pandemic.
The Monetary Board will remain "accommodative" as long as possible to support the economic recovery, BSP Gov. Benjamin Diokno earlier said, adding that tightening interest rate is unlikely for the rest of the year.
The Monetary Board will remain "accommodative" as long as possible to support the economic recovery, BSP Gov. Benjamin Diokno earlier said, adding that tightening interest rate is unlikely for the rest of the year.
The Philippines' benchmark borrowing rate has been maintained at its lowest level of 2 percent.
The Philippines' benchmark borrowing rate has been maintained at its lowest level of 2 percent.
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BSP
inflation
consumer price index
inflation forecast
domestic oil prices
Benjamin Diokno
Meralco
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