CONSUMER PRICES | BSP projects higher inflation in September

September 29, 2023 , 06:21 PM

By Clarist Zablan

(September 29, 2023) – The country’s central bank on Friday projected the inflation rate to quicken for the second consecutive month in September due to higher prices of food and utilities and a weaker peso.

Bangko Sentral ng Pilipinas (BSP) said it forecasted September inflation to settle between 5.3% and 6.1%. In comparison, headline inflation quickened to 5.3% last August, ending six straight months of slowdown in consumer price increases.

The central bank said higher prices of fuel, electricity, and key agricultural commodities could drive inflation, but lower rice and meat prices could ease inflation pressures.

“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 in a statement.

Last week, BSP maintained its monetary policy steady with the key interest rate staying at 6.25%, Reuters reported. But the central bank said it is ready to raise its policy rate if inflation pressures in the country persist.

Fuel prices rose for 11 consecutive weeks up until last week, attributed to a surge in global fuel prices caused by output cuts by Russia and Saudi Arabia, as well as increased demand from China. Oil prices dipped on Tuesday by P0.20 per liter for gasoline and diesel and P0.50 per liter for kerosene.

Compared to the start of the year, fuel prices surged by P17.30 per liter for gasoline, P13.40 for diesel, and P9.44 for kerosene, based on data from the energy department.

The increase in fuel prices has prompted several transport groups to push for higher fares, which economists believe will add to the inflation pressure.

On rice prices, President Ferdinand “Bongbong” Marcos Jr. imposed a price ceiling of P41 per kilogram for regular milled rice and P45 per kilogram for well-milled rice, citing a need to address a spike in rice prices that he blamed on price manipulation.

The directive was met with opposition from rice retailers, who feared incurring losses due to the imposition of price ceiling.

Marcos, who also sits as the agriculture secretary, said his government is currently studying calls to lift the price caps.

(MM)

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