Inflation in the Philippines is expected to be registered between 1.6 to 2.4% in August as higher oil and rice prices were only partly offset by the decline in utility rates during the month, according to the country’s central bank, GMA News reported. “The Bangko Sentral ng Pilipinas forecast suggests that August inflation could settle within the 1.6 to 2.4% range,” Governor Amando M. Tetangco, Jr. said. The latest outlook in line with the inflation target of 2 to 4% for 2016. This also compares with the 1.9% noted in July, and the 0.6% registered in August 2015. “Upward price pressures may come from higher domestic oil and rice prices,” Tetangco said. This comes after several oil firms raised pump prices of petroleum products on August 16 and on August 23. “However, these could be partly offset by the decline in the power rates in Meralco-serviced areas and lower prices of selected vegetable items,” Tetangco noted.
