BSP: November 2024 inflation pegged at 2.2% to 3%

The Bangko Sentral ng Pilipinas (BSP) is expecting consumer goods and services prices to have risen within the 2.2% to 3% range this month.

In its month-ahead inflation forecast, the BSP cited increased prices of vegetables, fish, and meat due to unfavorable weather conditions, higher electricity rates and petroleum prices, and the depreciation of the peso as the primary sources of upward price pressures this month.

The central bank's forecast range for November is comparable with the 2.3% inflation rate recorded in October.

The BSP said the upward pressures on this month's inflation or the rate of increase in the prices of goods and services "are expected to be offset in part by lower prices of rice."

"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," it said.

At a press conference in Mandaluyong City on Friday, National Economic and Development Authority (NEDA) Secretary Arsenio Balisacan said November's inflation print will not breach the government's ceiling of 2% to 4%.

"It's probably still within that range… We see some increases but we also see some decreases as reported to us by [Trade and Industry] Secretary [Cristina Aldeguer-Roque]… DTI is monitoring retail prices all over the country and they see some goods are showing decreases but some are also rising," Balisacan said.

The NEDA chief said price increases would not be substantial.

"The interagency committee on inflation and market outlook, we, are looking at the prices and we are not seeing any major disruptions," he said. — VDV, GMA Integrated News