Inflation likely down in October

Headline inflation likely decelerated last month from 6.1 percent in September, according to an economist.

“We see inflation at 5.4 percent [in October],” ING economist Nicholas Mapa said.

Mapa’s inflation settles within the Bangko Sentral ng Pilipinas’ (BSP) 5.1 to 5.9 percent inflation forecast for the month.

“[The] upside [will be] coming from electricity, private transport costs and select food items,” Mapa said.

Official October 2023 headline inflation data will be released by the Philippine Statistics Authority on Nov. 7, 2023.

The BSP earlier said headline inflation is expected to remain elevated until the first half of 2024.

BSP Governor Eli Remolona Jr. said inflation will likely start to go down within the government’s 2 to 4 percent target range by the third quarter of next year.

“I think beyond July, it will head back towards the middle of the target range or somewhere around 3 percent and will stay around that region for the rest of 2024,” Remolona earlier said.PNA