With regard to the household sector, although nominal wages per worker have been somewhat weak, employee income has been rising moderately with the increase in the number of employees. In this situation, private consumption has been firm. Reflecting the rise in domestic and external demand, production has continued to increase.
The economy remains on course to meet the government’s full year growth forecast, which is in the range of 4 to 5 percent  Inflation The BSP expects inflation to remain manageable. While headline inflation was at 4.8 percent year-on-year in September, it decelerated to 4.6 percent in October due to lower food inflation.