SunStar Publishing Inc.
THE Bangko Sentral ng Pilipinas foresees October inflation settling within the 5.1 to 5.9 percent range, lower than the September inflation rate of 6.6 percent.Inflation is the rate at which prices of goods and services rise as computed from the consumer price index. High inflation erodes the purchasing power of consumers as it decreases the number of goods or services they can buy with their money.
The BSP had previously said that the September inflation data indicated a likelihood of sustained elevated inflation in the near future due to the ongoing influence of supply shocks affecting food prices and the rise in global prices. However, inflation is expected to gradually decelerate and return to the target range of two to four percent by the fourth quarter of 2023, barring any additional supply shocks.
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