Inflation seen between 7.1 to 8.1 pct in October

MANILA — Inflation is expected to stay high based on the latest projections of the central bank.

The Bangko Sentral ng Pilipinas (BSP) said inflation may settle between 7.1 and 8.1 percent in October.

The BSP said higher fuel, electricity, and transport fares may have kept prices up. 

Meanwhile, lower rice, vegetables, meat, and fish prices may have tempered price hikes.

Inflation picked up to 7.2 percent in September, on the back of soaring food and transport costs.

The BSP hiked its benchmark rate by 50 basis points because of heightened inflation risks. 

The central bank noted that the conflict in the Middle East has driven global oil prices higher, and that recent fare hikes are also likely to impact inflation. El Niño may also drive the costs of agricultural inputs and products upward, it said.