BSP sees October inflation exceeding 7% on fare hikes

It said in a statement the October inflation would likely settle within a range of 7.1 percent to 7.9 percent. The Philippine Statistics Authority will release the official inflation data later this week.

It said inflation would gradually slow down in the succeeding months as the cost-push shocks due to weather disturbances and transport fare adjustments dissipate.“Looking ahead, the BSP will continue to monitor closely emerging price developments to enable timely intervention that could help prevent the further broadening of price pressures, in accordance with the BSP’s price stability mandate,” it said.

Rizal Commercial Banking Corp. chief economist Michael Ricafort told Manila Standard in an email that storm damage could have led to some temporary increase in the prices of food and other agricultural commodities and impact overall inflation until supply chains normalized.“There would also be relief, reconstruction, reparation, rebuilding and other rehabilitation activities in hard-hit areas by the storms that could offset any economic output/productivity losses in those areas,” he said.

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