Philippine inflation seen at 1.8% in October

Inflation in the Philippines is expected to have slightly accelerated in October to 1.8 percent, up from 1.7 percent in September, according to a poll of analysts.

This projected rate falls within the Bangko Sentral ng Pilipinas' (BSP) forecast range of 1.4 to 2.2 percent and would mark the eighth consecutive month of inflation undershooting the BSP's target.

Factors contributing to the potential increase include elevated prices of food, fuel, and electricity, as well as a weaker peso.

Specifically, analysts noted rising vegetable prices due to typhoons and an increase in electricity rates by the Manila Electric Co.

These upward price pressures were partially offset by decreases in the prices of meat, fruits, and oil, as mentioned in the previous report.

Potential upside risks to inflation include the fading of favorable base effects for rice and the extension of the rice import suspension.