Philippines Inflation Highest In 4 Years
The Philippines’ inflation increased to the highest level in four years, mainly led by food and energy prices, data from the Philippine Statistics Authority showed on Wednesday.
The consumer price index grew 6.9 percent annually in September, following a 6.3 percent rise in August. This was in line with economists’ expectations.
The latest inflation was the highest since October 2018, the agency said.
Core inflation, which excludes volatile food and energy items in the headline inflation, slowed to 4.5 percent in September from 4.6 percent in August.
The statistical office attributed the high inflation to a 7.4 percent annual increase in food and non-alcoholic beverages and a 7.3 percent surge in prices of housing, water, electricity, gas, and other fuels.
Prices for alcoholic beverages and tobacco grew 9.8 percent and those of clothing and footwear advanced 2.9 percent.
Prices for furnishings, household equipment and routine household maintenance increased 3.5 percent and those of transport rose by 14.5 percent. Prices for recreation and culture gained 2.7 percent.
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