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Higher prices of oil goods, basic and prime commodities, select fruits and vegetables, grains, and power tariffs in Manila Electric Company (Meralco) served regions are expected to push the inflation rate up to 4.8 percent to 5.6 percent in September.

The Bangko Sentral ng Pilipinas (BSP) stated in a statement on Thursday, September 30, 2021, that these factors are being offset by lower meat costs and the strengthening of the peso versus the US currency.

“Moving ahead, the BSP will continue to monitor emergent pricing trends to assist in achieving its main mission of price stability conducive to balanced and sustained economic growth,” it said.

The pace of price rises reached 4.9 percent in August, the most since January 2019.

Inflation in the first eight months of this year averaged 4.4 percent, far over the government’s goal range of 2 to 4 percent.

The average inflation projections for this year through 2023 were recently raised to 4.4 percent, 3.3 percent, and 3.2 percent, respectively, by monetary officials.

Previously, these figures were 4.1 percent for 2021 and 3.1 percent for both 2022 and 2023.

The effect of higher-than-expected inflation in August, upticks in the prices of basic and prime commodities, and the lower-than-expected arrival of imported pork were all blamed for the upward adjustments in these predictions.

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