INFLATION or the rate of increase in the prices of goods and services is expected to remain in October, the Bangko Sentral ng Pilipinas said.
“The BSP Department of Economic Research projects October 2020 inflation to settle within the 1.9 – 2.7 percent range,” BSP Gov. Benjamin Diokno told reporters.
Diokno added that the point inflation project or the likely figure for October is 2.3 percent.
This is the same as the September’s rate, the second straight month that the rise in consumer prices posted a slowdown.
On the other hand, the Philippine Statistics Authority (PSA) is scheduled to announce the October inflation figures on Nov. 5.
As of the first week of October, data from the PSA show the average wholesale price of well milled rice dipped by 0.5 percent to P37.09 per kilo from last week of September’s P38.07 per kilo.
The average wholesale retail price or regular milled rice also plunged to P33.86 per kilo from P34.25 per kilo.
Nevertheless, Diokno said the central bank 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.(GMA News)
