December inflation seen at 3.6% to 4.4% range —BSP estimate

The Philippines’ inflation rate is expected to continue its downtrend in the last month of 2023, according to the forecast of the central bank.

In its month-ahead inflation forecast released Friday, the Bangko Sentral ng Pilipinas (BSP) pegged December’s inflation rate to settle within the range of 3.6% to 4.4%. 

The lower end of the forecast range is much slower than the 4.1% inflation print seen in November. 

However, the upper end of the BSP estimation is slightly faster than the previous month’s rate.

“Higher prices of rice and meat are seen as the primary sources of upward price pressures in December,” the central bank said.

“Meanwhile, lower prices for agricultural items such as vegetables, fruits, and fish along with lower electricity rates and petroleum prices are expected to contribute to downward price pressures,” it added.

Moving forward, the BSP said it 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 Philippine Statistics Authority is scheduled to release the official December inflation figures on January 5, 2024.—AOL, GMA Integrated News