THE RISE IN CONSUMER prices in November will likely come within the 2.4 to 3.3 percent range, accelerating from 1.6 percent in October, Bangko Sentral ng Pilipinas Governor Amando M. Tetangco Jr. said Wednesday.

Tetangco said this could be attributed to supply-side pressures brought about by the recent storms and heavy rains. It is also driven by increases in utility rates and fuel prices, he added.

Despite the uptick, he said the projected range for November would still be consistent with 2009 and 2010 inflation targets.

Monitoring by the Department of Energy shows that average Dubai crude prices from Nov. 1-24 increased by some $5 per barrel over the same period in October.

Also, the country’s biggest power utility, Manila Electric Co., has announced that its customers will have to pay an average of 25 centavos more per kilowatt-hour.

As for water prices, a 12.1-percent increase in water prices contributed to the rise in inflation last month, suggesting a similar movement in November.

Meralco officials said the increase was due to costlier purchases of supplies from power generation firms.

The BSP is targeting an inflation range of 2.5-4.5 percent for 2009.

For 2010, the central bank wants to keep the rise in consumer prices within the range of 3.5 percent and 5.5 percent.

According to the National Statistics Office, inflation ticked up in October as the devastation of recent storms pushed up the prices of rice, fruits and vegetables, and meat in most regions in the country.