Typhoons, high oil prices likely stoked inflation in August — BSP
MANILA, Philippines — Prices of key consumer items likely rose at a faster rate in August, no thanks to damage caused by typhoons and higher pump prices.
In a statement on Friday, the Bangko Sentral ng Pilipinas said inflation would likely settle within the 4.8-5.6% range this month.
If realized, the August rate would be quicker than the 4.7% recorded in July.
“Higher prices of rice and other agricultural commodities due to weather disturbances, sharp rise in fuel prices as well as increased transport costs owing to higher train fares and toll rates, and the peso depreciation are the primary sources of upward price pressures in August,” the BSP said.
“Meanwhile, lower electricity rates from major providers could contribute to downward price pressures for the month,” it added.
The July reading marked the sixth consecutive month that inflation eased.
To meet the 2-4% inflation target by the end of the year, National Economic and Development Authority Secretary Arsenio Balisacan said the government is monitoring the supply and demand situation for key commodities.
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