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MANILA – Weather-related factors are expected to accelerate inflation in November to a range of 2.4% to 3.2% from 2.5% the previous month.
In a Viber message to journalists on Friday, Bangko Sentral ng Pilipinas (BSP) Governor Benjamin Diokno said that higher domestic oil prices and increases in the costs of some agricultural products contributed to the faster rate of price increases for this month.
Diokno, however, said that these factors “could be partially offset by the downward adjustment of electricity rates in the areas served by Meralco (Manila Electric Company) and the appreciation of the peso.”
On the one hand, the peso continues to end daily trade at its high in more than four years against the US dollar at level 48.
“Going forward, the BSP will remain attentive to economic and financial developments to ensure that its core mandate of price stability leading to balanced and sustainable economic growth is achieved,” he added.
Inflation rebounded last October to 2.5 percent from 2.3 percent a month ago, mainly due to the faster rate of the heavily weighted food and non-alcoholic beverage index, as well as the acceleration in education and growth. restaurant and miscellaneous products and service indices.
Amid these rallies, monetary officials continue to see inflation through 2022 to remain within the target band of 2 to 4 percent.
The BSP forecasts that average inflation this year will be around 2.4 percent, while it is 2.7 percent and 2.9 percent for 2021 and 2022, respectively. (PNA)
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