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Sunday, December 10 2023

Manila: Philippines’ inflation rate accelerates to 7.7%, highest since 2018

Photo Credit : IANS

Manila: Year-on-year inflation rate in the Philippines accelerated to 7.7 per cent in October from 6.9 per cent in September, the highest since October 2018, officials said on Friday.

The Philippine Statistics Authority (PSA) said that with October’s figure, the average inflation rate stood at 5.4 per cent from January to October 2022, reports Xinhua news agency.

In October 2021, the inflation rate was at 4 per cent while the core inflation rate was 2.5 per cent.

PSA head Dennis Mapa said in a news conference the October inflation rate was driven by faster inflation rate in key commodity groups, particularly food and non-alcoholic beverages, which rose to 9.4 per cent from 7.4 per cent in September.

Among the top contributors to October 2022 inflation are meat, fish, and vegetables; electricity, gas, and other fuels; operation of personal transport; food and beverage services; passenger transport services; and housing rentals.

Socioeconomic Planning Secretary Arsenio Balisacan attributed the surge in prices to “external price pressure”, like the Russia-Ukraine conflict, which has disputed global supply chains.

The “lingering aftermath of recent typhoons that hit the country in late September” also drove the October inflation rate, added Arsenio.

Meanwhile, the PSA said the core inflation, which excludes volatile food and energy items in the headline inflation, rose to 5.9 per cent in October from 5 per cent in September.

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