(BusinessMirror) Tuesday, as the Bangko Sentral ng Pilipinas (BSP) signalled it will take further action to curb inflation, even after back-to-back hikes in recent months.

The statement came after the government announced that local inflation hit 6.3 percent in August, easing slightly from the 6.4 percent in the previous month.

Despite his projection of inflation peaking in the third quarter, Diokno said they still expect inflation to settle within

the Development Budget Coordination Committee (DBCC) projected range for this year.

“Inflation is still expected to remain elevated for the rest of 2022, peaking in Q3 but slower in Q4, but is seen to fall within the 4.5-5.5 percent DBCC assumption for 2022,” he said in a tweet on Tuesday following the Philippine Statistics Authority’s (PSA) report on the August inflation.

The 6.3 percent in August is slower compared to July’s 6.4 percent but remained higher than the 4.4 percent posted in August 2021.