Inflation likely quickened at a faster pace in September on the back of rising food prices and a weak peso, the Bangko Sentral ng Pilipinas said Friday.

In a statement, the BSP said it projects September 2022 inflation to settle within the range of 6.6 to 7.4 percent.

If realized, this would be faster than the 6.3% uptick recorded in August.

This also means the BSP still expects inflation to settle above its 2-4% target.

“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,” the BSP said in its statement.

“This could be offset in part by the decline in local fuel prices and lower meat prices,” it added.

“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,” the central bank continued.