NextGen Day

Global oil price increases are seen as a major upside risk to the Philippines’ inflation rate in October 2021, which the Bangko Sentral ng Pilipinas (BSP) expects to remain between 4.5 and 5.3 percent.

“Upward adjustments in domestic oil prices will increase inflation,” the central bank said in a statement on Friday.

This came as the price of oil on the worldwide market continued to soar, reaching more than USD80 per barrel.

Increases in global oil prices, according to the BSP, are expected to result in increased power rates in areas served by the Manila Electric Company (Meralco), as well as higher fish and fruit costs.

It also pointed out that the peso’s depreciation against the US currency is another source of upward pressure on domestic price hikes.

However, these factors are “somewhat countered” by “continuing declines in rice and meat costs, suggesting sustained arrival of pork imports,” according to the report.

“Moving forward, the BSP will closely monitor emergent price trends to help guarantee that its fundamental mandate of price stability conducive to balanced and sustainable economic growth is met,” it said.

Inflation slowed to 4.8 percent in September, down from 4.9 percent the previous month. This is the highest rate since January 2019, when it was 4.4 percent.

Inflation is expected to stay high this year, but fall within the government’s 2-4 percent goal range by the end of the year, according to monetary authorities.

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 Contact NextGenDay.com 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

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.

---