BSP sees inflation easing within target in November at 3.7%

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Metro Manila (CNN Philippines, November 29) — Inflation could have slowed further in November, the Bangko Sentral ng Pilipinas said Monday.

BSP Governor Benjamin Diokno said the central bank projects an inflation rate of 3.7% for the month, milder than October's 4.6% and within the government's 2-4% target band for 2021.

"Higher electricity and LPG prices along with the uptick in the prices of meat, fish, fruits and vegetables are the primary sources of inflationary pressures during the month," said Diokno, adding these could have been partially offset by domestic oil price rollbacks and the peso's stronger performance.

He also assured that the BSP will keep monitoring emerging price developments in line with its main mandate of price stability, noting this is "conducive" to the economy's balanced and sustained growth.

Earlier this month, BSP Deputy Governor Francisco Dakila Jr. said inflation could return within target "even earlier" this November, barring any unforeseen shocks such as oil price. 

The Monetary Board now expects a full-year forecast of 4.3% for this year's inflation, still above target but milder than its 4.4% projection in September.

So far, inflation has averaged 4.5% this year.