October Inflation Expected to Rise to 2-2.8% Amid Higher Food, Fuel Costs

The Bangko Sentral ng Pilipinas (BSP) forecasts an increase in October’s inflation rate, projecting it to reach between 2% and 2.8%. This expected rise follows two months of declining inflation, with September recording a low of 1.9%.

The BSP attributes October’s inflation uptick to higher prices for food items like vegetables, fruits, and fish, alongside increased fuel prices and a depreciating peso. However, reductions in rice and meat prices and lower electricity rates may ease some of the upward pressure.

“The BSP’s Monetary Board will maintain a balanced approach to sustain price stability, supporting both economic growth and employment,” the BSP said.