In its month-ahead inflation forecast, the central bank said inflation likely settled within a range of two to 2.8 percent in October.
"Higher prices of food commodities such as vegetables, fruits and fish as well as the increase in prices of domestic petroleum products and the peso depreciation are the primary sources of upward price pressures for the month," the BSP said.
On the other hand, lower prices of rice and meat along with reduced electricity rates contributed to downward price pressures last month, it said.
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