September Inflation Eyed at 4.8% to 5.6%

The inflation rate of the Philippines is eyed at a range of 4.8 percent to 5.6 percent, according to the Bangko Sentral ng Pilipinas (BSP).

BSP in a statement Thursday said the several factors such as the higher prices of essential commodities, oil products, fruits and vegetables, rice, and electricity rates are primary reasons for the uptick in the inflation rate.

However, this is seen to be countered by the decrease in the price of meat products, and the continuous strengthening of the Philippine Peso against the US dollar.

Moreover, BSP said that they will continue to monitor price adjustments to ensure price stability and economic growth.

“Moving forward, the BSP will continue to monitor emerging price developments to help ensure that its primary mandate of price stability conducive to balanced and sustainable economic growth is achieved,” the BSP statement added.

Average inflation rate for the country from the months of January 2021 to August 2021 was at 4.4 percent. This is above the aimed inflation rate of the government with is at 2 percent to 4 percent. (GFB)