Filipinos should brace for higher food prices and basic services as inflation rate shows no sign of slowing down in December.
The Bangko Sentral ng Pilipinas projects inflation to hit 8.6% this month due to higher prices of commodities and utilities.
This is expected to surpass the 14-year high of 8.0% in November.
BSP Governor Felipe Medalla earlier said that inflation is expected to be the peak before it will go down in January.
“Upward price pressures for the month are expected to emanate from higher electricity rates, uptick in the prices of agricultural commodities, elevated meat and fish products, and higher LPG prices,” the BSP said in a statement.
Prices or agricultural products continue to increase and prices of liquefied petroleum gas or LPG.
“The BSP continues to monitor closely emerging price developments to enable timely intervention that could help prevent the further broadening of price pressures, in accordance with the BSP’s price stability mandate,” the BSP said.
