Philippine central bank sees Dec annual inflation at 7.8% to 8.6% | Inquirer Business

Philippine central bank sees Dec annual inflation at 7.8% to 8.6%

, / 10:28 AM December 29, 2022

MANILA – Philippine inflation was likely within the 7.8 percent to 8.6 percent range in December because of upward pressures from higher electricity rates and agricultural commodities prices, the central bank said on Thursday.

ADVERTISEMENT

It will continue monitoring developments to prevent the further broadening of price pressures, it said, after inflation hit 8 percent in November. The Philippines’ statistics agency will release inflation data in the first week of January.

The Bangko Sentral ng Pilipinas (BSP) had expected inflation to have reached its peak in October, but destructive typhoons saw the rate of increases in prices of basic goods and services to go even higher in November.

FEATURED STORIES

BSP Governor Felipe Medalla earlier this month said the central bank’s latest forecast puts the peak in December.

Higher electricity rates, the uptick in the prices of agricultural commodities, elevated meat and fish products, and higher prices of liquefied petroleum gas (LPG) are presumed to have pushed inflation upward this month.

Upward pressure from prices of these goods countered the downward pressure from lower prices of petroleum products and rice as well as the appreciation of the Philippine peso against the US dollar.

– Ronnel W. Domingo
Your subscription could not be saved. Please try again.
Your subscription has been successful.

Subscribe to our daily newsletter

By providing an email address. I agree to the Terms of Use and acknowledge that I have read the Privacy Policy.

Read Next
Don't miss out on the latest news and information.

Subscribe to INQUIRER PLUS to get access to The Philippine Daily Inquirer & other 70+ titles, share up to 5 gadgets, listen to the news, download as early as 4am & share articles on social media. Call 896 6000.

TAGS: economy, Inflation, Philippines
For feedback, complaints, or inquiries, contact us.
Your subscription could not be saved. Please try again.
Your subscription has been successful.

Subscribe to our business news

By providing an email address. I agree to the Terms of Use and acknowledge that I have read the Privacy Policy.



© Copyright 1997-2023 INQUIRER.net | All Rights Reserved

We use cookies to ensure you get the best experience on our website. By continuing, you are agreeing to our use of cookies. To find out more, please click this link.