MANILA - Inflation likely settled within the 0.5 to 1.3 percent range in October, the Bangko Sentral ng Pilipinas' Department of Economic Research said Thursday.
Lower domestic oil and rice prices likely offset upward pressures from higher electricity, water and LPG rates as well as higher costs of some food items, the think tank said in a statement.
The consumer price index rose 0.9 percent in September from 1.7 percent in August. Official data for October is due out on Nov. 5.
September inflation was the slowest in 3 years, falling below the government's 2 to 4 percent target range for the second straight month.