The Bangko Sentral ng Pilipinas (BSP) is running policy scenarios for a severe El Niño and prolonged oil shock, as inflation accelerated to a three-year high of 7.2% in September, up from 6.1% in August. Governor Eli Remolona stated that the worst of El Niño's impact on prices is expected from November through February, with rice prices already up 18%. The central bank had lifted its benchmark rate by 25 basis points to 5% in August, and HSBC expects another quarter-percentage hike next week.