OIL, rice and electricity price hikes likely drove inflation faster in September, but the nine-month average should nestle within an official full-year target, the Bangko Sentral ng Pilipinas (BSP) said on Friday.

The Philippine Statistics Authority (PSA) is scheduled to report September inflation data on Oct. 5.

In an e-mail to reporters, the BSP’s Department of Economic Research gave a 2.8-3.6% estimate for September’s headline inflation, which would be faster than the year-ago 2.3%.

The lower end matches July’s rate and would be slower than August’s 3.1%, while the top end would be the fastest pace in nearly three years or since November 2014’s 3.7%.

The rise in prices of widely used goods and services averaged 3.1% in the eight months to August against the central bank’s 3.2% full-year forecast.

BSP’s estimate for September would take the nine-month average to a 3.03-3.12% range.

“Higher prices of domestic petroleum and rice along with increases in electricity rates in Meralco-serviced areas and a more depreciated peso were seen to contribute to upward price pressures for the month,” the BSP said in its statement, referring to the Manila Electric Co., the country’s biggest electricity distributor.

Energy department data showed that pump prices of gasoline and diesel, which is used by public utility vehicles, have increased by a net P3.64 and P3.85 per liter year-to-date as of Sept. 27, while liquefied petroleum gas had a net increase of P5.68 per kilogram (/kg).

Meralco announced earlier this month that its overall rate would increase by P0.8642 per kilowatt hour (kWh) to P9.2491 per kWh from August’s P8.3849/kWh.

PSA data also showed year-on-year increases in retail prices of milled rice. Retail prices of well-milled rice rose 0.91%, 1.02% and 1.38% annually to P42.24/kg, P42.28/kg and P42.36/kg in the first, second and third weeks of September, respectively.

Retail prices of regular milled rice for the same corresponding weeks rose 1.65%, 1.54% and 1.62% to P38.03/kg, P38.01/kg and P38.07/kg, respectively. – Elijah Joseph C. Tubayan