Inflation still expected to recede in coming months, says BSP
Inquirer.net MANILA -The monthly inflation readout is still expected to decelerate within the range of 2 percent to 4 percent by the fourth quarter this year despite the uptick in August, according to the Bangko Sentral ng Pilipinas.
Overall inflation revved up to 5.3 percent in August, ending a six-month run of disinflation from 8.7 percent in January to 4.7 percent in July.
The central bank said the August data “remains consistent” with its assessment that inflation would likely approach the target range by the fourth quarter of 2023 but that is “in the absence of further supply shocks.”
The BSP said in a statement that with higher prices of oil and key agricultural commodities driving inflation in August, the rate of increase in prices of goods and services that the average Filipino household commonly buys continues to be more likely higher than forecast rather than lower.
