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Philippines: Sept inflation seen settling within 1.8-2.6%
The country’s headline inflation could have slowed to 1.8 percent or accelerated to 2.6 percent last month on lower rice, oil and energy prices and a stronger peso, the Bangko Sentral ng Pilipinas (BSP) said on Wednesday.
In a statement, the central bank said the projection provided by its Department of Economic Research compared with August’s 2.4 percent, and was much lower than the 0.9 percent in September 2019.
The Philippine Statistics Authority (PSA) will release official September inflation data on October 6.
“Lower rice and oil prices, as well as Meralco (Manila Electric Co.) power rates [and] the continued appreciation of the peso, are expected to be the primary sources of downward price pressures for the month,” the BSP said.
Latest PSA data show that rice prices slid in the first week of September, with the average retail price of regular milled rice declining to P37.91 a kilogram from P38.08 a kilogram the week before.
Local oil companies increased gasoline prices by 20 centavos per liter, diesel by 5 centavos per liter and kerosene by 45 centavos per liter on Tuesday.
Meralco’s per kilowatt-hour (kWh) rate for households consuming 200 kWh monthly was reduced by P0.0623 last month.
The local currency currently trades within the P48:$1 level, compared to the closing rate of P50.64:$1 at end-December.
“These could be partly offset by the slightly higher price of LPG (liquefied petroleum gas),” the Bangko Sentral said.
Oil companies on September 1 raised LPG prices by 15 to 18 centavos per kilogram, or about P1.65 to P1.98 per 11-kg cylinder.
“Moving forward, the BSP remains watchful of economic and financial developments, and stands ready to take necessary policy actions to ensure the delivery of its primary mandate of price stability conducive to a balanced and sustainable economic growth,” the central bank added.
Source: https://www.manilatimes.net/2020/10/01/business/business-top/sept-inflation-seen-settling-within-1-8-2-6/774505/