Central Bank: PH’s inflation rate in October from 5.1-5.9 percent range
The Central Bank of the Philippines stated on Tuesday that inflation for October is expected to range from 5.1 to 5.9 percent due to elevated prices of electricity, liquefied petroleum gas (LPG), fruits, and fish.
Additionally, the provisional fare increase in jeepneys may contribute to this inflationary trend.
In September, inflation accelerated to 6.1 percent, even though President Ferdinand "Bongbong" Marcos Jr. imposed price controls on regular and well-milled rice varieties.
To address this, the BSP implemented a 25 basis points increase in its benchmark reverse repurchase (RRP) rate in an off-cycle move aimed at curbing inflation.
However, lower prices for rice, meat, and vegetables could exert downward pressure on prices during the same month.
Furthermore, the lower cost of petroleum is anticipated to help keep inflation in check, as per the Central Bank.
