BSP: Inflation cooled further in November

The increase in the prices of essential goods and services likely eased for the second straight month as November inflation is expected to settle within the four to 4.8 percent target range, the Bangko Sentral ng Pilipinas (BSP) said.

- LAWRENCE AGCAOILI

The nationwide inflation rate stood at 4.9 percent in October.

If the lower end of the forecast range is achieved, this will be the first time since March last year that inflation falls within the central bank's two to four percent target.

Headline inflation has been breaching the target in the past 19 months or since April last year. It last fell within the target range at four percent in March 2022.

For November, the BSP said higher prices of most agricultural commodities like rice, fruit, fish and meat items along with adjustments in electricity, LPG and toll rates were the primary sources of upward price pressures.

On the other hand, it said the lower prices of vegetables and petroleum products along with the appreciation of the peso against the dollar contributed to downward price pressures last month. 

"Going forward, the BSP will continue to monitor developments affecting the outlook for inflation and growth in line with its data-dependent approach to monetary policy formulation," the BSP said.