THE benchmark target reverse repurchase rate (RRP) had been steady even as inflation eased in October, the Bangko Sentral ng Pilipinas (BSP) said.

In a statement, BSP Deputy Governor Francisco Dakila noted that the RRP which utilizes banks in using price loans, is still at 6.5 percent.

Dakila said that there is an off-cycle 25 basis points rate hike in late October.

This is due to a bid to tame inflation, which quickened in August and September. 

It will be recalled that inflation had eased in October to 4.9 percent, which is slower than the 6.1 percent in September.

"The latest projections indicate that the inflation outlook has moderated over the policy horizon," Dakila said. 

Likewise, the BSP said that the risk-adjusted inflation forecasts remain above the target for 2024 at 4.4 percent.

It was lower than the 4.7 percent outlook in its previous meeting in October.

For 2025 the forecast was at 3.4 percent, down from 3.5 percent in the earlier forecast. 

"Nevertheless, the balance of risks to the inflation outlook still leans significantly toward the upside, notwithstanding the recent improvement in food supply conditions," the BSP said.