August inflation expected at 5.9%-6.7%

Inflation in the Philippines is expected to remain high in August, within the range of 5.9 percent to 6.7 percent, according to the Bangko Sentral ng Pilipinas.

The upper end of the range is higher than the 6.4 percent recorded in July.

“Inflation for [August] was driven by the continued increase in key food prices, but could be offset in part by the decline in global oil prices, the reduction in electricity rates, lower meat and fish prices, and appreciation of the peso,” the BSP said in a statement.

BSP Governor Felipe Medalla earlier said inflation was expected to remain high in the remainder of 2022, and could peak in October or November.