MANILA: Philippine inflation was likely within a 2.0% to 2.8% range in October, the central bank said on Thursday, reflecting higher prices of some commodities and peso depreciation which could be offset by lower costs for rice and electricity.

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“Going forward, the Monetary Board will continue to take a measured approach in ensuring price stability conducive to balanced and sustainable growth of the economy,” the Bangko Sentral ng Pilipinas said in a statement.

Annual inflation was 1.9% in September.