103 0 0 5 min to read

BSP anticipates November inflation to range between 7.4% and 8.2%.

For November 2022, it is anticipated that higher prices for power, liquified petroleum gas (LPG), and some agricultural products—the latter due to Severe Tropical Storm Paeng—will cause domestic inflation to range between 7.4 percent and 8.2 percent.

The Bangko Sentral ng Pilipinas (BSP) said in a statement on Tuesday night that these variables are considered as being offset by the reduction in fuel costs, the price of pork, and the strengthening of the Philippine peso relative to the US dollar.

More crucially, the report predicted that inflation would slow down over the next months as the effects of weather-related price shocks and changes to transportation fares would fade.

The statement added that “timely non-monetary measures will also assist cool price pressures in the months ahead,”

According to the BSP’s mandate for price stability, it continued, “The BSP continues to closely monitor emerging pricing trends to enable prompt intervention that could help prevent the further expansion of price pressures.”

As a result of rises in the food and non-alcoholic beverage index, among other things, the rate of price increases accelerated further to 7.7 percent in October, the most since December 2008.

Felipe Medalla, the governor of the BSP, told reporters on Tuesday night that there are indications that the domestic inflation rate may be slowing down, with the peak expected to occur in either December 2022 or January 2023.

According to him, the present rate of price increases is being driven by supply shocks like changes in the cost of public utilities and the price of energy.

Although this is often done once a year, he noted that salary increases are also a possibility and that authorities might sanction a second increase by citing supervening circumstances.

These are the reactions that we have been observing develop as a result of the supply shock, the man stated.

Despite the peso’s strengthening versus the US currency and the decline in oil prices, according to Medalla, these are the elements that could fuel inflation in the months to come.

“However, we are certain that we will follow a target-consistent course. And as soon as you notice it falling, it will keep falling, he added.

On the other hand, he emphasized that “it’s a question of when (the inflation will start to go down)”

Either this report or the one after it will have the highest headline inflation rate year over year. We remain convinced that inflation will be closer to 3 (percent) than to 4 (percent) by the middle of the following year, in July or August,” he continued.

The government aims to keep inflation between 2% and 4%.

The average inflation rate was 5.4 percent as of October.

QR Code

Save/Share this story with QR CODE


Disclaimer

This article is for informational purposes only and does not constitute endorsement of any specific technologies or methodologies and financial advice or endorsement of any specific products or services.

📩 Need to get in touch?

Feel free to Email Us for comments, suggestions, reviews, or anything else.


We appreciate your reading. 😊Simple Ways To Say Thanks & Support Us:
1.) ❤️GIVE A TIP. Send a small donation thru Paypal😊❤️
Your DONATION will be used to fund and maintain NEXTGENDAY.com
Subscribers in the Philippines can make donations to mobile number 0917 906 3081, thru GCash.
3.) 🛒 BUY or SIGN UP to our AFFILIATE PARTNERS.
4.) 👍 Give this news article a THUMBS UP, and Leave a Comment (at Least Five Words).


AFFILIATE PARTNERS
LiveGood
World Class Nutritional Supplements - Buy Highest Quality Products, Purest Most Healthy Ingredients, Direct to your Door! Up to 90% OFF.
Join LiveGood Today - A company created to satisfy the world's most demanding leaders and entrepreneurs, with the best compensation plan today.


0 0 votes
Article Rating
Subscribe
Notify of
guest
0 Comments
Inline Feedbacks
View all comments
0
Would love your thoughts, please comment.x
()
x