Inflation is likely to hit 3.2 percent to 3.7 percent this month on the back of higher utility rates, the Bangko Sentral ng Pilipinas (BSP) said on Monday. Advertisements“Increases in domestic petroleum prices, electricity rates in Meralco-serviced areas, and water rates in Maynilad- and Manila Water-serviced areas” were cited by the central bank in a statement. A weaker peso also likely contribute to upward price pressures. Inflation rose to 3.4 percent in September, from 3.1 percent a month earlier, due to higher prices of food and non-food commodities. Official inflation data for the month will be announced on November 7.

Source: Manila Times October 30, 2017 17:37 UTC