BSP sees 2-2.8% inflation rate in October

Metro Manila, Philippines — The Bangko Sentral ng Pilipinas (BSP) on Thursday, Oct. 31, said October inflation rate may have settled at 2% to 2.8% driven by higher food items.

"Higher prices of food commodities such as vegetables, fruits, and fish as well as the increase in prices of domestic petroleum products and the peso depreciation are the primary sources of upward price pressures for the month," the BSP said.

The central bank said these would be “offset in part by lower prices of rice and meat along with reduced electricity rates.”

The Philippine Statistics Authority reported the rate of price increase on goods and services in September was at 1.9%, the slowest since May 2020. 

The government has an inflation target of 2% to 4%.