The Bangko Sentral ng Pilipinas said Thursday inflation in August 2023 likely inched up to as high as 5.6 percent from 4.7 percent in July on higher prices of fuel and rice.
It said in a statement the August inflation settled within a range of 4.8 percent to 5.6 percent.
“Higher prices of rice and other agricultural commodities due to weather disturbances, sharp rise in fuel prices as well as increased transport costs owing to higher train fares and toll rates, and the peso depreciation are the primary sources of upward price pressures in August,” it said.
Meanwhile, lower electricity rates from major providers could contribute to downward price pressures for the month, the BSP said.
Data from the Philippine Statistics Authority showed that inflation in July eased to a 16-month low of 4.7 percent from 5.4 percent in June, pulled down by slower year-on-year increase in housing, water, electricity, gas and other fuels at 4.5 percent from 5.6 percent.