MANILA - Inflation for the month of November likely settled within the 3.3 to 4.1 percent range, the Bangko Sentral ng Pilipinas said Monday.
The projected inflation for the month is at 3.7 percent, the central bank said in a statement.
Higher electricity and LPG prices along with the uptick in the prices of meat, fish, fruits and vegetables are the primary sources of inflationary pressures for the month, the BSP said.
These could be offset partly by rollbacks in domestic petroleum prices and the peso's appreciation, it added.
"Moving forward, the BSP will continue to monitor emerging price developments to help achieve its primary mandate of price stability that is conducive to balanced and sustainable growth of the economy," the BSP said.
Inflation eased to a 3-month low of 4.6 percent in October despite the uptick in prices of petroleum products.
The BSP kept the benchmark borrowing rate at 2 percent saying that the uptick in inflation in the previous months was "transitory."