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Inflation is expected to have accelerated and could possibly have breached the government’s target this month due to higher electricity rates and food prices among others, the Bangko Sentral ng Pilipinas said Wednesday.The central bank projects inflation, which measures the rate of increase in the prices of goods and services, to settle within the range of 4.0% to 4.8%, which compares with the 3.7% in June, and the 4.7% in July 2023.This could be the highest in at least eight months since the 3.
The Manila Electric Company hiked its rates by P2.1495 per kilowatt-hour in July, bringing the overall rate for a typical household to P11.6012 per kWh, translating to an increase of around P430 for residential customers consuming 200 kWh.Prices of rice in Metro Manila, meanwhile, ranged from P45.00 to P61.00 per kilogram for local commercial rice and from P47.00 to P65.00 per kilogram for imported commercial rice as of July 30, based on data from the Department of Agriculture’s monitoring.
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