The Bangko Sentral ng Pilipinas (BSP) projected that the country’s inflation rate for October could reach up to 2.2%, higher than the 1.7% recorded in September.
According to the BSP, the possible increase in inflation — or the rate at which prices of goods and services move — is mainly driven by higher prices of rice, fish, vegetables, and electricity.
The central bank also pointed out that the depreciation of the peso against the US dollar contributed to the inflationary pressures for the month.
However, the BSP noted that lower prices of oil, meat, and fruits could help temper the overall rise in inflation.