By Brian Campued
The headline inflation in the country is projected to settle within the range of 2.2% to 3.0% in November, according to the Bangko Sentral ng Pilipinas (BSP).
In its month-ahead inflation forecast released Nov. 29, the BSP said the increased prices of vegetables, fish, and meat due to inclement weather conditions, higher electricity rates and petroleum prices, as well as the depreciation of the Philippine peso will primarily contribute to the upward price pressures this month.
Five tropical cyclones battered the Philippines in early November, namely: Leon, Nika, Marce, Ofel, and Pepito—three of which reached super typhoon category during the monitoring period of the state weather bureau.
Oil companies have implemented mixed price adjustments in kerosene, diesel, and gasoline in the past month. The Manila Electric Company (Meralco) also raised its power rates during the month by P0.4274 per kilowatt hour.
However, the central bank noted, the lower prices of rice is expected to offset these upward pressures.
“Going forward, the Monetary Board will continue to take a measured approach in ensuring price stability conducive to balanced and sustainable growth of the economy and employment,” it stated.
To recall, the Philippine Statistics Authority reported that headline inflation slightly accelerated to 2.3% in October after recording a four-year low of 1.9% in September.