MANILA -- Consumer prices likely rose 6.2 to 7 percent in October, the Bangko Sentral ng Pilipinas' think tank said Wednesday, one week before the release of official data.

Lower prices of rice and other food items as well as reduced power rates likely offset spikes in domestic fuel and water costs, the BSP said.

ING Bank earlier said inflation could slow to 6.5 percent in October, from 6.7 percent in the previous month.

The 6.2 to 7 percent range is in line with the BSP's assessment that inflation might have peaked in the third quarters, the regulator's Department of Economic Research said.

• Inflation slightly below forecasts in Sept, price spikes seen easing

"The BSP will continue to closely monitor evolving trends in prices and inflation expectations, and will undertake necessary measures towards its commitment to price stability," the statement said.