Bangko Sentral ng Pilipinas Governor Benjamin E. Diokno said inflation rate could hit a high of 5.3 percent this month on the back of rising domestic oil prices.Diokno said on Friday, Oct. 29, that the October inflation rate will range from a low of 4.5 percent to a high of 5.3 percent, boosting BSP ‘s previous statement that above five percent inflation is possible for October. Inflation in September dropped to 4.8 percent from 4.9 percent in August.
“These could be partially offset by the continued decline in rice and meat prices, reflecting continued arrival of pork imports,” said the BSP.Diokno has said that inflation could remain elevated in the near term before decelerating to within the target range of two-four percent by the end of the year.
Based on the BSP’s private sector economists’ inflation forecast, analysts expect inflation to average at 4.3 percent for this year and 3.2 percent for 2022.
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