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BSP sees August inflation to rise within 6.6-7.4%
By TED CORDERO,GMA NewsThe Bangko Sentral ng Pilipinas (BSP) is projecting this month’s inflation to accelerate with the lower end of its forecast range seen to overshoot the previous month’s print.
In its month-ahead forecast, the BSP said September inflation is seen to settle within the range of 6.6% to 7.4%.
The lower end of the central bank’s forecast is faster than the 6.3% inflation
print seen in August, which saw a slight deceleration from the 6.4% rate recorded in July.“Inflation for the month is expected to be driven by the increase in electricity rates and prices of key food commodities, as well as by the depreciation of the peso,” the BSP said.
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“This could be offset in part by the decline in local fuel prices and lower meat prices,” it added.
Pump prices of petroleum products have been rolling back for four straight weeks, with oil companies recently implementing a price per liter reduction for gasoline, diesel, and kerosene by P1.65, P1.25, and P1.35 respectively.
“Looking ahead, the BSP will continue to monitor very closely emerging price developments to enable timely intervention to prevent the further broadening of price pressures, in accordance with the BSP’s price stability mandate,” the central bank said.—AOL, GMA News