Bangko Sentral ng Pilipinas says August inflation projected to be around at 3.2% to 4%
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Loading... - Tatsuki Kita
- 30 Aug 2024
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The Bangko Sentral ng Pilipinas (BSP) has projected that inflation for August 2024 will settle within the range of 3.2% to 4%. This range falls within President Ferdinand Marcos Jr.’s target range of 2% to 4%.
The BSP identified higher electricity rates and increased prices of agricultural commodities, driven by unfavorable weather conditions, as the main factors contributing to the inflationary pressure for the month.
Despite these pressures, the BSP expects some mitigating factors, including lower domestic oil prices, reduced inflation rates for rice, fish, and meat, and the appreciation of the Philippine peso, which could help offset the overall inflation rate.
In July, inflation exceeded the government's target, reaching 4.4%, primarily due to rising prices in food and non-alcoholic beverages, as well as housing, water, electricity, gas, and other fuels. The top contributors to inflation included rice, restaurants, rentals, LPG, and tomatoes.
The government had anticipated a possible rise in inflation due to the effects of the El Niño weather phenomenon but has promised an improved inflation outlook for August.
