Headline inflation in November 2024 is projected to remain within the government’s target range of two to four percent, according to the National Economic and Development Authority (NEDA) and the Bangko Sentral ng Pilipinas (BSP).
NEDA Secretary Arsenio Balisacan expressed confidence that inflation, while possibly seeing a slight uptick, will remain manageable.
“We don’t think the new number will breach our two to four percent target. It’s likely still within that range,” Balisacan said during a briefing on Friday.
He added that any monthly inflation increase would be “marginal,” citing ongoing efforts to stabilize prices.
“We don’t see substantial price increases but closely monitor market trends. The interagency committee on inflation and market outlook continues to assess developments, and we are not seeing any major disruptions,” he explained.
Balisacan also highlighted the Department of Agriculture’s proactive measures to boost the supply of commodities affected by recent typhoons.
In October 2024, headline inflation rose slightly to 2.3% from 1.9% in September, driven primarily by minor price adjustments across critical commodities. Official inflation data for November is set to be released next week by the Philippine Statistics Authority (PSA).
BSP projections
In a separate statement, the Bangko Sentral ng Pilipinas (BSP) forecasted November inflation to fall within the 2.2% to 3.0% range.
The BSP identified several factors contributing to upward price pressures, including:
- Due to unfavorable weather conditions, increased prices of vegetables, fish, and meat.
- Higher electricity rates and petroleum prices.
- The continued depreciation of the peso.
However, these pressures are expected to be partially offset by lower rice prices, which have moderated due to improved supply and government interventions.
BSP’s policy commitment
The BSP reiterated its commitment to ensuring price stability while fostering sustainable economic growth.
“The Monetary Board will continue to take a measured approach in ensuring price stability conducive to balanced and sustainable growth of the economy and employment,” the central bank stated.
As the country approaches the year-end, both NEDA and BSP remain optimistic that inflation will remain under control, supported by strategic measures to mitigate supply-side challenges and maintain economic momentum.
