MANILA - Inflation likely settled within the 0.9 to 1.7 percent range in November, the Bangko Sentral ng Pilipinas' (BSP) think tank said Friday.
Lower rice prices and a strong peso against the dollar tempered upward pressures from higher prices of electricity, LPG, gasoline and other food items, the BSP's Department of Economic Research said in a statement.
The BSP said it would remain watchful of inflation pressures to ensure monetary policy is consistent with its price stability mandate.
The consumer price index rose 0.8 percent in October, below the government's 2 to 4 percent target range. Official CPI data for November will be released on Dec. 5.
-- with a report from Warren De Guzman, ABS-CBN News