PH inflation rate soared to 6.9%

PH inflation rate soared to 6.9%

MANILA, Philippines – The recorded inflation or price increase of basic goods and services accelerated to 6.9% in September, according to the Philippine Statistics Authority (PSA) this Wednesday, October 5.

This is from the 6.3% inflation rate recorded in August.

Food and energy costs are the main drivers of rising commodity prices, PSA added.

Inflation for food and non-alcoholic beverages also rose to 7.4 percent.

The recent rate was faster than the 4.2% print logged in the same month last year and was within the 6.6-7.4% range seen by the Bangko Sentral ng Pilipinas (BSP) for September.

Year-to-date inflation now stands at 5.1%, still above the central bank’s 2-4% target band for 2022.

The BSP said rising electricity bills and prices of staple foods, along with the weak performance of the peso, may have fueled inflation in September.

The post PH inflation rate soared to 6.9% appeared first on REMATE ONLINE.

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