The country's headline inflation for September 2023 likely settled within the range of 5.3 to 6.1 percent mainly due to significant rises in rice and fuel costs, Bangko Sentral ng Pilipinas said on Friday.

Should this prediction materialize, August's inflation rate would surpass the central bank's target range of 2 to 4 percent for the 18th consecutive month.

Additionally, this rate will reach the 5.3 percent headline inflation in August.

The Philippine Statistics Authority is scheduled to unveil the consumer price index data for September on 5 October.

"Higher prices of fuel, electricity, and key agricultural commodities, as well as the peso depreciation, are the primary sources of upward price pressures in September," BSP said.

"Meanwhile, lower rice and meat prices could contribute to downward price pressures for the month," it added.

BSP assured it will continue to monitor developments affecting the outlook for inflation and growth in line with its data-dependent approach to monetary policy formulation.