The Bangko Sentral ng Pilipinas (BSP) expects inflation in November to settle between 1.1 percent and 1.9 percent, citing rising prices for rice, fish, and fruits due to recent bad weather.
Higher electricity and oil costs, along with a weaker peso, could also push prices up. These pressures may be partly offset by cheaper meat and vegetables.
Inflation held at 1.7 percent in October, unchanged from September, slightly below market expectations of 1.8 percent. The reading remained within the BSP’s 2 percent to 4 percent target range. Food and non-alcoholic beverage prices slowed, while transport, health, and recreation costs also rose more slowly.
Meanwhile, housing, utilities, clothing, footwear, and personal care saw faster price growth. On a monthly basis, consumer prices inched up 0.1 percent, following a flat reading in September. Core inflation, which excludes volatile food and energy items, eased to 2.5 percent, a three-month low.
The BSP said it will continue monitoring both domestic and global developments to guide its monetary policy decisions.
