Inflation accelerated to a faster pace in September due to rising oil prices and electricity rates, according to the Bangko Sentral ng Pilipinas.

BSPGovernor Benjamin E. Diokno said inflation likely settled within the 4.8 percent to 5.6 percent range, which is above the government’s target of 2 to 4 percent.

“Inflation will be driven by upward adjustments in domestic oil prices, electricity rates, suggested retail prices of basic necessities and prime commodities, and prices of selected fruits and vegetables as well as rice. These could be partially offset by the decline in meat prices along with the slight appreciation of the peso during the month,” Diokno said in a virtual briefing.

The BSP earlier revised upward its inflation forecast for 2021 to an average of 4.4 percent from the earlier target of 4.1 percent.

For 2022, BSP expects inflation to hit 3.3 percent compared to the previous estimate of 3.1 percent.

Diolo said the BSP would “continue to monitor emerging price developments to help ensure that its primary mandate of price stability conducive to balanced and sustainable economic growth is achieved.”

The post Inflation speeds up in September as fuel, power costs soar first appeared on Bilyonaryo Business News.



Inflation speeds up in September as fuel, power costs soar
Source: Filipino Daily Inquirer