Manila: The Bangko Sentral ng Pilipinas (BSP) expects September inflation to settle within the range of 1.5 percent to 2.3 percent. “Upward price pressures for the month are likely to arise from higher prices of rice and fish,” the BSP said in a statement Wednesday.

According to Philippines News Agency, elevated domestic fuel costs also contribute to upside price pressures for the month. The BSP noted that these pressures could be partially offset by the decline in vegetables and meat prices along with lower electricity rates.

The BSP stated that it will continue to monitor evolving domestic and international developments affecting the outlook for inflation and growth in line with its data-dependent approach to monetary policy formulation. The Philippine Statistics Authority is set to release the September headline inflation data on Oct. 7.

Headline inflation accelerated to 1.5 percent in August from 0.9 percent in July.