Philippines inflation quickens to 6.9% in September

October 5, 2022 - 9:10 AM
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People wearing face masks as protection against the coronavirus disease (COVID-19) shop at a market, in Manila, Philippines, January 16, 2021. (Reuters/Lisa Marie David)

 Philippine annual inflation quickened to 6.9% in September from 6.3% in August, reflecting higher food prices, the statistics agency said on Wednesday.

September inflation, the fastest since October 2018, exceeded the 6.7% forecast in a Reuters poll. It brought the average rate in the nine months to September to 5.1%, well outside the central bank’s 2% to 4% comfort range.

Core inflation, which strips out volatile food and fuel items, eased to 4.5% in September from 4.6% in August.

The Philippine central bank, aiming to return inflation to its target, has raised interest rates by 225 basis points so far this year, bringing the benchmark rate PHCBIR=ECI to 4.25%.

—Reporting by Neil Jerome Morales; Editing by Edmund Klamann