- December inflation forecast: The Bangko Sentral ng Pilipinas (BSP) projects inflation for December 2024 to range from 2.3 percent to 3.1 percent. Inflation — the average pace of increase in the prices of basic goods and services — was recorded at 2.5 percent in November.
- 2024 average inflation: Full-year inflation is expected to average 3.2 percent, within the target range of 2-4 percent.
- Upward price pressures: Weather-related supply disruptions, higher electricity, and petroleum prices are potential drivers of inflation, the central bank said.
- Offsetting factors: Lower agricultural commodity prices, particularly rice, may mitigate inflationary pressures.
- Policy monitoring: BSP said it remains committed to a data-driven approach to assess inflation and economic growth.
The Philippine Statistics Authority will announce the official inflation rate for December and the 2024 average on Jan. 7, 2025, Tuesday.
