BSP eyes Oct. inflation rate at 2.8-3.6percent-A A +A
Tuesday, October 29, 2013
THE Bangko Sentral ng Pilipinas (BSP) eyes inflation to stay between 2.8-3.6 percent in October 2013, higher compared to past months on account of impact on agriculture of Typhoon Santi.
BSP Governor Amando Tetangco Jr., however, said that the forecast “remains consistent with a within target inflation rate for 2013” referring to the three to five percent target for this and next year.
“Going forward, the BSP will continue to closely monitor the factors that affect movements in prices, in line with the BSP's primary mandate of delivering price stability conducive to a balanced and sustainable economic growth,” he added.
Inflation rate in October 2012 stood at 3.2 percent.
Last September, rate of price increases rose to 2.7 percent, higher than month-ago’s 2.1 percent but the same as last June’s level due to faster annual inflation rate of the food and non-alcoholic beverages index due to rainy season-related factors.
The central bank’s policy-making Monetary Board maintained its three percent average inflation forecast for this year during the Board’s meeting last Thursday.
It, however, adjusted higher its 2014 forecast to four percent from 3.9 percent while the 2015 forecast was cut to 3.4 percent from 3.5 percent previously.
The government’s inflation target for next year is a range between three to five percent while it is two to four percent for 2015. (PNA)
Published in the Sun.Star Cagayan de Oro newspaper on October 29, 2013.