Manila: The Bangko Sentral ng Pilipinas (BSP) has projected that October’s inflation will settle within a range of 1.4 percent to 2.2 percent. This outlook is shaped by a mix of factors affecting the country’s economy.

According to Philippines News Agency, the BSP identified potential upward price pressures for the month, which include increased prices of essential commodities such as rice, fish, vegetables, and electricity. Additionally, the depreciation of the peso is expected to contribute to these pressures. However, the BSP noted that these could be partially mitigated by the reduction in prices of oil, meat, and fruits.

The BSP emphasized its commitment to closely monitoring both domestic and international developments that could influence the inflation and growth outlook. This approach aligns with their data-dependent strategy for formulating monetary policy.

The Philippine Statistics Authority is scheduled to release the official October inflation data on November 5. In the previous months, headline inflation was recorded at 1.7 percent in September, which was slightly higher than August’s 1.5 percent. For the year so far, the inflation rate has averaged at 1.7 percent, remaining below the government’s target lower limit of 2 percent.