The Bangko Sentral ng Pilipinas (BSP) projected that September inflation likely settled within 1.5 to 2.3 percent, ahead of the official release of data by the Philippine Statistics Authority.

The central bank said price increases during the month were largely driven by higher costs of rice and fish, along with elevated domestic fuel prices.

However, these pressures were partly tempered by lower prices of vegetables and meat, as well as reduced electricity rates.

“Going forward, the BSP will continue to monitor evolving domestic and international developments affecting the outlook for inflation and growth in line with its data-dependent approach to monetary policy formulation,” the central bank said.

Inflation averaged within the BSP’s target band so far this year, but policymakers remain cautious as global oil market volatility, agricultural supply concerns, and geopolitical tensions could add uncertainty to the inflation path in the coming months.