The country’s inflation rate for November will settle within the 5.8- 6.6 percent range, the Bangko Sentral ng Pilipinas ( BSP) said in a statement Thursday.

According to BSP Department of Economic Research said “the deceleration of inflation for the month could be attributed to the sharp decline in petroleum prices, the normalization of supply conditions in rice and other agricultural commodities and the peso appreciation”.

The central bank added these could be offset in part by the adjustments in jeepney and bus fares as well as high electricity rates.

According to the Philippine Statistics Authority, inflation for October remained unchanged at 6.7 percent.

“Moving forward, the BSP will remain watchful of economic and financial developments to ensure the achievement of it primarily mandate of price stability conductive to balanced and sustainable economic growth,” it said. Ella Dionisio/DMS