The Bangko Sentral ng Pilipinas (BSP) projects September inflation to settle within the range of 1.5 to 2.3 percent from August's 1.5 percent.

The government will announce September inflation on Tuesday.

Upward price pressures for the month are likely to arise from higher prices of rice and fish. Elevated domestic fuel costs likewise contribute to upside price pressures for the month.

These pressures could be partially offset by the decline in vegetables and meat prices along with lower 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. Bangko Sentral ng Pilipinas