MANILA - Inflation in October likely settled within the 1.9 to 2.7 percent range, the Bangko Sentral ng Pilipinas' Department of Economic Research said Friday.
Higher electricity rates in areas served by Meralco, LPG and kerosene price increases and the impact of weather disturbances on select food items contributed to the upward price pressures, the BSP-DER said in a statement.
These can be partly offset by lower prices of diesel, gasoline and rice as well as the downward adjustments in water rates in areas serviced by Manila Water and Maynilad, it said.
"Looking ahead, the BSP will remain watchful of economic and financial developments to ensure that its primary mandate of price stability conducive to balanced and sustainable economic growth is achieved," the think tank said.
Inflation was at 2.3 percent in September.