MANILA, Oct. 1 (Xinhua) -- Inflation in the Philippines may have accelerated again in September, reaching its fastest pace in over three years, according to the country's central bank on Wednesday.
The Bangko Sentral ng Pilipinas (BSP) said it estimated consumer prices rose between 6.4 percent and 7.4 percent in September year on year. At the upper end of the forecast, inflation might reach its highest level since March 2023, when consumer prices rose 7.6 percent, further above the BSP's 3-percent target.
The BSP said the anticipated inflation uptick stems from surging food prices: intensified monsoon rains battered farms, lifting prices of vegetables, fish, rice and fruits. The central bank also cited higher domestic petroleum prices and peso depreciation as sources of price pressure.
In August, the BSP raised rates by a quarter point for the third time in this tightening cycle since April, lifting its benchmark rate to 5 percent. It said the move was intended to "preempt" emerging risks from El Nino and looming wage increases. ■