MANILA - Inflation in November is likely to come in at 2.2 to 3 percent, the Bangko Sentral ng Pilipinas said on Friday.

"Increased prices of vegetables, fish, and meat due to unfavorable weather conditions, higher electricity rates and petroleum prices, and the depreciation of the peso are the primary sources of upward price pressures this month," the BSP said.

The central bank however expects these factors to be offset in part by lower prices of rice.

Inflation already quickened to 2.3 percent in October from 1.9 percent in September as rice prices climbed year-on-year despite the reduction of import tariffs on the staple grain.

The official inflation figures are set to be released by the Philippine Statistics Authority on Dec. 5, Thursday.

Cooling inflation has allowed the BSP to cut interest rates by 50 basis points so far this year. BSP Governor Eli Remolona has said that they may reduce rates by another 25 bps during the last policy-setting meeting of the Monetary Board this year.

Some analysts however said that the string of destructive storms that recently hit the country, along with the depreciation of the peso, may push the inflation rate higher this month. In this scenario, analysts said, the BSP may be less inclined to cut rates further.

The BSP will hold its last rate-setting meeting this year on Dec. 16, Thursday.