INFLATION in November likely settled within the 2.4 to 3.2 percent range, the Bangko Sentral ng Pilipinas’ Department of Economic Research said Friday.
The impact of storms and typhoons on prices of rice and agricultural products, and higher domestic oil prices contributed to upward price pressures, the BSP-DER said while lower electricity rates and the appreciation of the peso likely helped offset it.
“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,” it said.
Philippine inflation quickened in October driven by higher food and non-alcoholic beverage prices, according to official government data.
The consumer price index rose at a quicker annual pace of 2.5 percent in October, within the 1.9 to 2.7 percent forecast range of the Bangko Sentral ng Pilipinas’ Department Economic Research for the month. (ABS-CBN News)
