QUICK LOOK: BSP expects consumer prices to have risen 2.2-3% in November

The BSP projects November 2024 inflation to range between 2.2 percent and 3 percent. In October, the country’s inflation rate was recorded at 2.3 percent.

• Price drivers: Upward pressures include higher prices of vegetables, fish, meat, electricity, petroleum, and the peso’s depreciation.
• Weather impact: Unfavorable weather conditions are a significant factor behind rising food prices.
• Offsetting factors: Lower rice prices are expected to mitigate some inflationary pressures.
• Monetary policy stance: The Bangko Sentral ng Pilipinas has committed to a balanced approach to maintaining price stability and fostering economic growth.