September inflation sizzles to over 3-year high
Inflation in September accelerated at its fastest pace in more than three years, driven mainly by faster food price increases, according to the Philippine Statistics Authority.
Inflation in the Philippines surged to a three-year high of 7.2 percent in September, according to the Philippine Statistics Authority (PSA). National Statistician Dennis Mapa stated that this marks the highest inflation rate since March 2023 and is within the Bangko Sentral ng Pilipinas (BSP) forecast range of 6.4 to 7.4 percent.
The acceleration in food prices, particularly vegetables, was the main driver of the higher inflation, rising by 6.8 percent from 4.6 percent in August. Other notable drivers include housing costs rising to 8.4 percent from 7.9 percent, and transport costs climbing to 14.6 percent from 13.5 percent in the previous month. Inflation for essential items such as rice and alcoholic beverages also rose.
Despite the increase, the government plans to implement measures such as suspending excise taxes on liquefied petroleum gas and kerosene, expanding palay storage, and rolling out a vaccine for African Swine Fever to mitigate the impact on households.
Written by urgent.news from Philippine Star Business's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
Also reported by 1 other outlet
- Stocks drop as September inflation heats up philstar.com
