Food and non-alcoholic beverages; housing, water, electricity, gas and other fuels; and transport are the top contributors to the overall inflation, the PSA said.
STAR/Michael Varcas
Inflation soars to new 9-year high of 6.7% in September
( - October 5, 2018 - 9:12am

MANILA, Philippines (Updated 9:50 a.m.) — The country's headline inflation further quickened to 6.7 percent in September, the Philippine Statistics Authority announced Friday.

The September inflation was higher than the 6.4 percent in August, a new nine-year high.

This is slightly lower than the Bangko Sentral's 6.8 percent forecast and higher than the 6.4 percent forecast of the Department of Finance.

Food and non-alcoholic beverages; housing, water, electricity, gas and other fuels; and transport are the top contributors to the overall inflation, the PSA said.

The food and non-alcoholic beverages index grew to 9.7 percent in September while transport was at 8 percent. 

Other commodity groups also registered increases — alcoholic beverages and tobacco (21.8 percent), clothing and footwear (2.5 percent), furnishing, household equipment and routine maintenance of the house (3.6 percent), health (4.1 percent), communication (0.5 percent) and recreation and culture (3 percent).

'Ompong' contributed to Bicol inflation

PSA also said inflation in the National Capital Region was slower at 6.3 percent in September, and higher outside the capital at 6.7 percent. The highest inflation in the regions was 10.1 percent in Bicol and lowest in Central Luzon at 4.5 percent.

National Statistician Lisa Bersales said Typhoon Ompong (international name Mangkhut) has specifically contributed to the increase of prices of commodities in the Bicol region.

Bersales noted that data is collected in the first five days and the middle of the month, which means that aftermath of the typhoon might have already been reflected on the September inflation.

Ompong ravaged northern Luzon on September 15, damaging almost P27 billion worth of rice, corn, high value crops, fisheries and livestock in the country. — Patricia Lourdes Viray

As It Happens
LATEST UPDATE: December 5, 2018 - 9:06am

The growth of prices of goods and services peaked at 6.7 percent in August this year—the highest inflation rate in nine years.

Metro Manila also suffered from staggering 7-percent inflation last month, forcing Filipino consumers to tighten belts even further.

Inflation has continuously climbed for eight straight months since January this year as President Rodrigo Duterte signed the TRAIN law, or the Tax Reform for Acceleration and Inclusion.

The Philippines' inflation rate is the highest in Southeast Asia. The inflation rate breached economic managers' earlier hoped-for ceiling of 4 percent.

December 5, 2018 - 9:06am

The Philippines' year-on-year headline inflation in November was at 6.0 percent.

This is lower than the 6.7 percent in October.

December 3, 2018 - 11:45am

First Metro Investment Corp. and the University of Asia and the Pacific are forecasting 6.2 percent inflation rate in November and 6.3 percent in December.

November 29, 2018 - 2:44pm

The Bangko Sentral ng Pilipinas Department of Economic Research projects November 2018 inflation to settle within the 5.8-6.6 percent range.

November 6, 2018 - 9:09am

The country's headline inflation for October remains steady at 6.7 percent, the Philippine Statistics Authority (PSA) announced Tuesday.

According to the PSA, the top three contributors to the overall inflation are:

  • food and non-alcoholic beverages
  • housin, water, electricity, gas and other fuels
  • transport
October 25, 2018 - 12:00pm

"Shortchange is coming," Akbayan party-list says in a statement referring to President Rodrigo Duterte's remark that he can't do anything about rising oil prices which he blamed as the culprit behind inflation.

"Nascam ang taumbayan sa mga pangako niyang tutulungan niya ang mga mahihirap. Basta isyu na nakataya ang buhay ng mga ordinaryong pilipino gaya ng taas presyo, ang bilis sumuko ni Duterte," Akbayan party-list spokesperson Gio Tingson says.

In a speech on Wednesday night at the conferment rites of this year's National Artist Awards, Duterte said the increase in prices of oil is behind the rise in prices of goods.

"And you can crucify me if you want. Behead me if you want in public. I cannot do anything about the oil," the president said. 

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