Faster inflation expected in September — BSP

Metro Manila (CNN Philippines, September 29) — The Bangko Sentral ng Pilipinas (BSP) on Friday said the inflation rate in September may accelerate to as high as 6.1% following price hikes in oil, power, and agricultural products. 

In a statement, the central bank said it sees the inflation print for September to settle at 5.3% to 6.1%. 

Last month’s inflation data was at 5.3%, inching up from the past months’ decreases.

READ: Inflation up anew due to recent typhoons, oil price hikes 

The BSP said the weakening of the peso against the US dollar may have also contributed to the price pressures for September.

The dip in rice and meat prices, on the other hand, could contribute to downward price pressures.

“Going forward, the BSP will continue to monitor developments affecting the outlook for inflation and growth in line with its data-dependent approach to monetary policy formulation,” the BSP said.

The Philippine Statistics Authority is scheduled to release the September inflation data on Oct. 5.