BSP sees September inflation at 1.5%-2.3%

Philippine inflation may have settled between 1.5% to 2.3% in September, amid a spike in prices of rice, fish and fuel, the Bangko Sentral ng Pilipinas (BSP) said.

At the low-end of the forecast, headline inflation rate may have steadied month on month with the 1.5% same as in August.

Inflation stood at 1.9% in September 2024.

The September print might also mark the first time in six months that the consumer price index (CPI) would have settled within the BSP’s 2-4% target range or since the 2.1% in February.

“Upward price pressures for the month are likely to arise from higher prices of rice and fish,” the central bank said in a statement on Wednesday. “Elevated domestic fuel costs likewise contribute to upside price pressures for the month.”

However, BSP said lower costs of vegetable, meat and electricity may have partially tempered inflation in September.

The central bank said it will keep monitoring developments in the country and across the world that might influence the country’s inflation and growth.

“Going forward, the BSP 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,” it said. — Katherine K. Chan