INFLATION or the rate of increase in consumer prices continued to accelerate for the ninth straight month in September due to skyrocketing food and transportation prices, the Philippine Statistics Authority said yesterday.
The inflation rate clocked in at 6.7 percent last month, higher than the previous month’s 6.4 percent and three percent in the same month last year, PSA data showed.
Actual inflation in September, however, is within the Bangko Sentral ng Pilipinas forecast range of 6.3 percent to 7.1 percent and below the 6.8 percent market expectation.
September inflation was the highest since February 2009 at 7.2 percent.
Food and non-alcoholic beverages, housing, water, electricity, gas and other fuels, and transport are the top contributors to the overall inflation.
The government’s economic managers said they “understand that many are feeling the hit of a faster inflation rate, particularly those who toil so hard just to keep up.”
“We assure everyone that we are working swiftly to temper the rise in the prices of goods and offer relief to those most affected. We remain committed to our goal of ensuring price stability, along with our overarching aim of translating sustained broad-based economic growth to comfortable lives for everyone,” the economic team said.
Finance Secretary Carlos Dominguez III, Budget Secretary Benjamin Diokno, and Socioeconomic Planning Secretary Ernesto Pernia are President Duterte’s economic managers. (Chino S. Leyco)
