The Bangko Sentral ng Pilipinas (BSP) expects inflation rate in August to settle within 4.1 percent to 4.9 percent, higher than the two to four percent projected by the government.

“Higher prices for LPG, Meralco electricity, and key food items along with the depreciation of the peso are sources of upward price pressures during the month. These could be offset in part by the decline in domestic petroleum and rice prices,” said the BSP.

For 2022 and 2023, BSP sees inflation averaging 3.1 percent.

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