THE overall rise in prices of widely used goods likely quickened in November, the central bank said on Monday, citing higher electricity and fuel costs.
In a statement, the Bangko Sentral ng Pilipinas (BSP) Department of Economic Research pegged November inflation at between 0.9-1.7%.
The range is beyond the 0.8% print in October. However, it is slower than the 6% logged in November 2018.
“The increase in electricity rates as well as higher prices of gasoline, LPG (liquefied petroleum gas) and selected food items are seen as the primary sources of upward price pressures for the month,” the central bank said.
“Meanwhile, inflation could be tempered by lower domestic rice prices and the appreciation of the peso,” it added.
The BSP said will continue to watch evolving inflationary conditions “to ensure that the monetary policy stance remains consistent with the BSP’s price stability mandate”.
Year-to-date inflation is at 2.6%, well within the central bank’s 2-4% target range for 2019, but higher than the official 2.5% forecast full-year average.
The Philippine Statistics Authority (PSA) is set to report the official November inflation data on Tuesday, Dec. 3. — LWTN