In a statement, the central bank said the latest consumer price index was aligned with its forecast range of 3.2 percent to 4.0 percent for last month.
This decline confirmed the BSP's assessment that inflation would return to its target range after the temporary surge in July due to base effects and supply issues, especially in the case of rice.
Looking ahead, the BSP said it expects inflation to remain manageable, with downside risks in 2024 and 2025 due to lower import tariffs on rice.
However, potential upside risks remain from factors like rising electricity rates and external market pressures, it cautioned.
The BSP said its Monetary Board will continue to monitor price trends and implement measures to maintain price stability, supporting sustainable economic growth and job creation.
