The Bangko Sentral ng Pilipinas (BSP) said Friday it projects September inflation to settle within the range of 6.6 to 7.4 percent.

August inflation came in at 6.3 percent. It was down slightly from July's 6.4 percent, the highest in nearly four years.

Inflation for the month is expected to be driven by the increase in electricity rates and prices of key food commodities, as well as by the depreciation of the peso.

This could be offset in part by the decline in local fuel prices and lower meat prices.

Looking ahead, the BSP will continue to monitor very closely emerging price developments to enable timely intervention to prevent the further broadening of price pressures, in accordance with the BSP’s price stability mandate. BSP