The inflation rate for the month of October may dropped between 5.1% and 5.9% from its 6.1% rate last September, as reported by the Bangko Sentral ng Pilipinas (BSP), amid the price increase of selected food items, liquefied petroleum gas (LPG), transport hikes, and power rates.

According to the statement issued by the BSP on Tuesday, the price increase has provided upside price pressures in the 10th month of this year; however, the price decrease in rice, meat, and vegetables could contribute to the dropping price pressures for the month.

Moreover, the BSP said that lower petroleum prices may keep inflation lower, saying that it will continue to closely monitor the developments that can affect the outlook for inflation and growth in line with its data-dependent approach to monetary policy formation.

The inflation rate in September was the second consecutive month that price increases rose after a six-month decline.

Meanwhile, in September, inflation suddenly skyrocketed to 6.1% despite the implementation of a price cap, initiated by President Ferdinand Marcos Jr., on regular and well-milled rice.