Inflation seen to settle at 3.6%-4.4% in December

Metro Manila (CNN Philippines, December 29) — The Bangko Sentral ng Pilipinas (BSP) estimates inflation to hit 3.6% to 4.4% this December, from the previous month’s 4.1%.

The central bank on Friday said it sees higher prices of rice and meat as the main sources of upward price pressures.

Meanwhile, lower prices of other agricultural products — such as vegetables, fruits, and fish — along with cheaper electricity and petroleum are expected to contribute to downward price pressures this month.

The latest forecast range is slower than the 4% to 4.8% band projected in November.

“Going forward, the BSP will continue to monitor developments affecting the outlook for inflation and growth in line with its data-dependent approach to monetary policy decision-making,” the BSP said in a statement.

Anend-of-year survey released by Publicus Asia Inc. last week showed economic concerns, including inflation, remain the biggest worry of Filipinos.