Month-Ahead Inflation Forecast for October 2022

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The BSP projects October 2022 inflation to settle within the range of 7.1 to 7.9 percent. Inflation pressures for the month are expected to emanate from transport fare hikes, elevated domestic petroleum prices, higher agricultural commodity prices due to recent typhoons, and the depreciation of the peso. This could be offset in part by the reduction in electricity rates for Meralco-serviced areas, lower LPG prices, and reduction in prices of fish.

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More importantly, inflation is projected to gradually decelerate in the succeeding months as the cost-push shocks to inflation due to weather disturbances and transport fare adjustments dissipate. Looking ahead, the BSP will continue to monitor closely emerging price developments to enable timely intervention that could help prevent the further broadening of price pressures, in accordance with the BSP’s price stability mandate. ##

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