The Bangko Sentral ng Pilipinas (BSP) is expecting the inflation rate to continue its uptrend in September.

In its month-ahead forecast released Friday, the BSP said it projects this month’s inflation to clock in within the range of 5.3% to 6.1%.

The lower-end of the forecast range is the same level seen in August at 5.3%

“Higher prices of fuel, electricity, and key agricultural commodities, as well as the peso depreciation are the primary sources of upward price pressures in September,” the central bank said.

“Meanwhile, lower rice and meat prices could contribute to downward price pressures for the month,” it said.

The BSP, following a Monetary Policy meeting on September 21, hiked its inflation outlook for 2023 to 58% from its previous forecast of 5.3%, and to 3.5% from 3.3% for 2024.

The central bank adjusted its inflation projections for this year and next year amid expectations of spillovers effects from weather disturbances, rising global crude oil prices, and the recent depreciation of the peso.

“Going forward, the BSP will continue to monitor developments affecting the outlook for inflation and growth in line with its data dependent approach to monetary policy formulation,” it said.

The Philippine Statistics Authority is scheduled to release official inflation figures for September on October 5, 2023. —VAL, GMA Integrated News