UPDATE: BSP sees higher inflation in August

BANGKO Sentral Governor Nestor Espenilla Jr. said monetary authorities expect a further acceleration in consumer prices this month but he dismissed the possibility that the inflation rate would exceed 6 percent.

“As you know, next month, we will see the August data and based on our assessment, the August inflation number may actually be higher than the July number,” Espenilla told reporters in forum held in Manila on Friday.

The headline inflation rate accelerated to a fresh five-year high of 5.7 percent in July, bringing the year-to-date level to 4.5 percent, which is above the government’s 2-4 percent target range for 2018.

Asked if August inflation could hit 6 percent or above, Espenilla stressed that this was unlikely to happen.

“In our forecast, we are not seeing 6 percent. It might be close to the last one. Let’s see,” he said. MAYVELIN U. CARABALLO

 

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