Bangko Sentral ng Pilipinas Governor Amando Tetangco Jr. said Monday inflation rate in November likely eased to as low as 1.6 percent from 2.3 percent in October, on reduced power rates and rice prices.
“The BSP forecast suggests that November inflation could settle within the 1.6 to 2.4 percent range,” Tetangco said in a text message Monday.
“Lower petroleum prices and the slight decline in rice prices along with the downward adjustments in power rates could be partly offset by higher LPG prices and weaker domestic currency during the month,” Tetangco said.
Power distributor Meralco announced that the rate for a typical household would go down in November by P0.0781 per kilowatt-hour to P8.26 per kWh, the lowest since January 2010.
The government is set to release the November inflation data next week. Inflation in the first 10 months averaged 1.6 percent, below the government’s official 2016 target range of 2 percent to 4 percent.
Tetangco said monetary authorities would continue to monitor evolving price trends and output conditions to ensure price stability conducive to a balanced and sustainable economic growth.
