MANILA (Updated 9:39 a.m.) — 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