The Bangko Sentral ng Pilipinas (BSP) on Wednesday projects November inflation to settle within the range of 7.4 to 8.2 percent.

In October, inflation climbed to 7.4 percent, the highest since December 2008, the Philippine Statistics Authority (PSA) said.

Upward price pressures for the month are expected to emanate from higher electricity rates, uptick in the prices of agricultural commodities due to Severe Tropical Storm ''Paeng'', and higher LPG prices.

Meanwhile, the reduction in petroleum and pork prices as well as the peso appreciation could contribute to easing price pressures for the month.

More importantly, inflation is projected to gradually decelerate in the succeeding months as the cost-push shocks to inflation due to weather disturbances and transport fare adjustments dissipate.

The timely implementation of non-monetary measures will also help temper price pressures in the months ahead.

The BSP continues to monitor closely emerging price developments to enable timely intervention that could help prevent the further broadening of price pressures, in accordance with the BSP’s price stability mandate. DMS