Inflation soars to new 9-year high of 6.7% in September
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
(Philstar.com) - 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

INFLATION
As It Happens
LATEST UPDATE: September 4, 2020 - 9:08am

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.

September 4, 2020 - 9:08am

Headline inflation slows for the first time in three months to 2.4% in August, the Philippine Statistics Authority announces Friday.

The PSA says this was a result of a 2.5% year-to-date average inflation for 2020.

August 5, 2020 - 9:10am

Headline inflation quickens to 2.7% in July, the Philippine Statistics Authority announces Wednesday.

This was a result of a 2.5% year-to-date average inflation for 2020. The PSA also says the reason for the increase in July inflation was the faster movement of transportation prices.

 

 

July 7, 2020 - 9:06am

Headline inflation, as measured by consumer price index, accelerates to 2.5% year-on-year, the first time it gained pace this year.

Bangko Sentral ng Pilipinas earlier projected inflation to fall between 1.2% to 2.7%.

May 5, 2020 - 9:25am

Headline inflation eases to 2.2% in April, the first month of the enhanced community quarantine in several areas due to the COVID-19 pandemic.

According to the Philippine Statistics Authority, the year-to-date inflation for this year slowed down to 2.6%, which is lower than April 2019's inflation at 3.0%.

The latest inflation rate is the slowest in five months since last November's 1.3%.

 

 

January 7, 2020 - 9:10am

Headline inflation increased by 2.5% in December 2019, the Philippine Statistics Authority says in a briefing. 

"This brings the annual average inflation for 2019 to 2.5%," it also says.

Headline inflation rose to 1.3% in November 2019 after bottoming to a 43-month low of 0.8% in October.

The government's target inflation range for 2019 was 2-4%.

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