Inflation is projected to hit as high as 8.6% this month due to higher prices of commodities and utilities, surpassing the 14-year high of 8.0% in November, the Bangko Sentral ng Pilipinas (BSP) said Thursday.
The central bank now sees inflation to fall between 7.8% to 8.6% in December, which BSP Governor Felipe Medalla earlier said is expected to be the peak before starting to“Upward price pressures for the month are expected to emanate from higher electricity rates, uptick in the prices of agricultural commodities, elevated meat and fish products, and higher LPG prices,” the BSP said in an emailed statement.by 32.97 centavos per kilowatt-hour to P10.
The BSP said among the factors expected to offset the upward pressures include the reduction in petroleum and rice prices, along with the appreciation of the Philippine peso during the month. Latest data available from the Department of Energy show that year-to-date total adjustments stood at a net increase of P13.95 per liter for gasoline, P27.50 per liter for diesel, and P20.80 per liter for kerosene as of December 20, 2022.
“The BSP continues to monitor closely emerging price developments to enable timely intervention that could help prevent the further broadening of price pressures, in accordance with the BSP’s price stability mandate,” the central bank said.
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