The Bangko Sentral ng Pilipinas (BSP) said Friday inflation rate likely settled within a range of 2.2 percent to 3.0 percent in November, compared to 2.3 percent in October.
“Increased prices of vegetables, fish and meat due to unfavorable weather conditions, higher electricity rates and petroleum price and the depreciation of the peso are the primary sources of upward price pressures this month. These are expected to be offset in part by lower prices of rice,” the BSP said.
This would mark the second straight month of higher inflation. Data from the Philippine Statistics Authority (PSA) showed that inflation picked up to 2.3 percent in October from 1.9 percent in September following the onslaught of storms on farms and logistics, data from the Philippine Statistics Authority (PSA) show.
The peso hit a new record low of 59 against the US dollar for several days in November amid the uncertainties brought about by the US elections. A weak peso results in higher prices of imported commodities such as petroleum and food.
“Going forward, the Monetary Board will continue to take a measured approach in ensuring price stability conducive to balanced and sustainable growth of the economy and employment,” the BSP said.
The National Economic and Development Authority (NEDA) said despite the uptick in October, prices remain stable.
Inflation averaged 3.3 percent in the first 10 months of 2024, within the government’s target range of 2.0 to 4.0 percent for the year.
NEDA Secretary Arsenio Balisacan said the government effectively managed inflation, averaging 3.3 percent from January to October 2024.
“Through the Government’s vigilant measures to stabilize prices amid external pressures, we were able to keep inflation within our target band,” said Balisacan in a year-end briefing.
“Our critical interventions included a comprehensive tariff review of agricultural commodities to maintain stable prices. This initiative has helped ease inflation. However, we recognize the need for continuous monitoring and addressing this issue, as rice remains the main driver of inflation and prices remain elevated,” said Balisacan.
