SLOWER INFLATION RATE. The Bangko Sentral ng Pilipinas (BSP) projects the November 2023 inflation rate to slow to between 4 percent and 4.8 percent from the previous month’s 4.9 percent. Higher prices of rice, fruit, fish, and meat items, along with increases in power rates and toll fees, are seen to have driven the rate of price increases this month. (PNA file photo)
MANILA – Higher prices of some agricultural items, along with power and tolls rates, are seen to contribute to the projected 4 percent to 4.8 percent domestic inflation rate for November, slower than October’s 4.9 percent.
In a statement Thursday night, the Bangko Sentral ng Pilipinas (BSP) said the uptick in the prices of liquefied petroleum gas (LPG) is also forecast as among the drivers of the rate of price increases in November.
These factors are, however, seen to be countered by the lower prices of vegetables and petroleum products, as well as the strengthening of the peso against the US dollar.
“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,” it added.
Domestic inflation rate slid in October after a rise in the previous two months, with the latter traced to upticks in food prices, such as rice, meat, and some vegetables.
Monetary officials remain confident about the easing of the inflation rate towards the end of this year and the return of the monthly level to within the government’s 2 percent to 4 percent by next year. (PNA)
