Headline inflation may slightly pick up but will continue to settle within the government’s target in November, National Economic and Development Authority (NEDA) Secretary Arsenio Balisacan said on Friday.
“We don’t think that the new number will breach our target of 2 to 4 percent. It’s probably still within that range,” he said during a briefing.
Balisacan said that if ever inflation picks up, it will be “marginal.”
“We don’t see substantial increases in prices but we are monitoring,” he said.
“The interagency committee on inflation and market outlook tinitingnan namin ano nangyayari sa (we are looking at what’s happening to) prices and we are not seeing any major disruptions,” he added.
Balisacan said that for commodities affected by recent typhoons, the Department of Agriculture is bringing in supplies.
Headline inflation slightly accelerated to 2.3 percent in October this year from 1.9 percent in September.
Official November 2024 inflation data will be released by the Philippine Statistics Authority next week.
In a separate statement on Friday, the Bangko Sentral ng Pilipinas (BSP) projects November 2024 inflation to settle within the range of 2.2 to 3.0 percent.
“Increased prices of vegetables, fish, and meat due to unfavorable weather conditions, higher electricity rates and petroleum prices, and the depreciation of the peso are the primary sources of upward price pressures this month,” the BSP said.
These are expected to be offset in part by lower prices of rice, it added.
“Going forward, the Monetary Board will continue to take a measured approach in ensuring price stability conducive to balanced and sustainable growth of the economy and employment,” the BSP said. (PNA)
