ASEAN KEY DESTINATIONS
BSP sees October inflation at 3.2-3.7%
The Bangko Sentral ng Pilipinas (BSP) on Monday said it expects inflation to settle within the 3.2- to 3.7-percent range in October, on the back of higher utility rates.
"Increases in domestic petroleum prices, electricity rates in Meralco-serviced areas, and water rates in Maynilad- and Manila Water-serviced areas, as well as the weaker peso could contribute to upward price pressures for the month," it said in an emailed statement.
Pump prices of petroleum products were hiked in three out of the four weeks of October, while the Manila Electric Co. (Meralco) imposed an increase of P0.0345 per kilowatt-hour during the month.
"Nonetheless, average inflation is expected to remain within the National Government's target range of 3.0 percent ± 1.0 percentage point for the year," the BSP said.
Inflation registered at 3.4 percent in September, the fastest so far in the first nine months of the year.
The Philippine Statistics Authority is scheduled to release October's inflation rate on Nov. 7, 2017.
Philippines News, Economy, The Bangko Sentral ng Pilipinas
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