Philippine inflation rate accelerates to 7.7 per cent

MANILA (APP): Year-on-year inflation rate in the Philippines accelerated to 7.7 percent in October from 6.9 percent in September, the highest since October 2018, the Philippine Statistics Authority (PSA) said on Friday.
With the October inflation, the PSA said the Philippine average inflation rate stood at 5.4 percent from January to October 2022. In October 2021, the inflation rate was at 4 percent while the core inflation rate was 2.5 percent.
PSA head Dennis Mapa said in a news conference the October inflation rate was driven by faster inflation rate in key commodity groups, particularly food and non-alcoholic beverages, which rose to 9.4 percent from 7.4 percent in September.
Among the top contributors to October 2022 inflation are meat, fish, and vegetables; electricity, gas, and other fuels; operation of personal transport; food and beverage services; passenger transport services; and housing rentals.
Socioeconomic Planning Secretary Arsenio Balisacan attributed the surge in prices to “external price pressure”, like the Russia-Ukraine conflict, which has disputed global supply chains.
The “lingering aftermath of recent typhoons that hit the country in late September” also drove the October inflation rate, added Arsenio.
Meanwhile, the PSA said the core inflation, which excludes volatile food and energy items in the headline inflation, rose to 5.9 percent in October from 5 percent in September.