Philippines annual inflation quickens to 2.3% in October

November 5, 2024 - 9:42 AM
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Vendors work at a public market in Quezon City, Philippines, August 9, 2022. (Reuters/Eloisa Lopez/File Photo)

— The Philippines’ annual inflation rate accelerated to 2.3% in October, the statistics agency said on Tuesday, largely reflecting higher prices for food and drinks.

The consumer price index PHCPI=ECI rose 2.3% in October from a year earlier, above the previous month’s 1.9% increase, and slightly below the 2.4% forecast in a Reuters poll.

Core inflation, which strips out volatile food and energy prices, was 2.4% in October, steady with September’s rate.

Inflation in January to October averaged 3.3%, within the central bank’s 2% to 4% target range.

—Reporting by Neil Jerome Morales and Mikhail Flores; Editing by John Mair