BSP sees November inflation at 2.4%-3.2%

The Bangko Sentral ng Pilipinas (BSP) forecasts that inflation in November could range between 2.4 percent and 3.2 percent, a slight increase from October's 2.5 percent.

Factors contributing to this projected acceleration include higher domestic oil prices and crop damage caused by typhoons.

However, these upward pressures might be mitigated by a reduction in electricity rates in Meralco-serviced areas and the continued appreciation of the Philippine peso against the US dollar.

Crop damage from Typhoon Vamco has reached P4.18 billion, affecting 106,619 farmers and 106,489 hectares of land.

The BSP anticipates inflation to remain within the target band of 2 to 4 percent until 2022, with projections of 2.4 percent for 2020, 2.7 percent for 2021, and 2.9 percent for 2022.