Inflation in September 2023 has been projected to settle within the range of 5.3 to 6.1 percent, according to the Bangko Sentral ng Pilipinas (BSP).

BSP said that the 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.

Lower rice and meat prices could contribute to downward price pressures for the month.

Compared to September, the BSP's prediction for July's inflation was much lower, at 4.1 to 4.9 percent.

"BSP will continue to monitor developments affecting the outlook for inflation and growth in line with its data-dependent approach to monetary policy formulation," the country's central bank said.