After slowing down in the last four straight months, the country's inflation rate is projected to rise to as high as 7.4 percent in September, the Bangko Sentral ng Pilipinas (BSP) said on Wednesday.

The BSP projects that headline inflation rate for September 2026 will "settle within the range of 6.4 to 7.4 percent". Last August, inflation went down to 6.1 percent.

"Upward price pressures for the month are likely to be driven by weather-related increases in the prices of vegetables, fish, rice, and fruits," the BSP stated.

"Increased domestic petroleum prices and depreciation of the peso could likewise contribute to higher inflation," it added.

The BSP noted "these pressures could be partially offset by lower prices of meat and electricity rates."

After a surge of 7.2 percent in April, headline inflation rate slowed down to 6.8 percent in May, 6.4 percent in June, 6.2 percent in July and 6.1 percent in August.

It added that "it will remain vigilant and guided by incoming data, particularly on inflation and growth prospects" while "continue to assess the impact of latest developments in the Middle East and recent weather disturbances on the country’s inflation and economic outlook". Robina Asido/PHS