The Bangko Sentral ng Pilipinas expects inflation to settle within a range of 2.6 percent to 3.4 percent range in August, compared to the actual 2.8-percent increase in consumer prices in July.
Increases in domestic petroleum prices, electricity rates in Meralco-serviced areas and rice prices along with the depreciation of the peso could contribute to upward price pressures, it said.
“Moving forward, the BSP will continue to assess domestic and external factors that affect the balance of risks surrounding the inflation outlook in line with its mandate of delivering price stability conducive to a balanced and sustained economic growth,” it said.
The July inflation was also faster than 1.9-percent registered in the same month last year.
This brought the average inflation in the first seven months to 3.1 percent, slightly higher than the mid-point of the target range of 2 percent to 4 percent this year.
“Inflation is projected to remain close to the mid-point of the national government’s target range of 2 to 4 percent in 2017 to 2019,” Bangko Sentral Governor Nestor Espenilla said earlier.
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