MANILA (Updated 2:36 p.m.) — Philippine annual inflation accelerated at its slowest rate in more than four years in September due to a slower rise in food prices and downtrend in transport costs, the statistics agency said on Friday.
The consumer price index (CPI) rose 1.9% in September from a year earlier, the smallest increase since May 2020, and less than the previous month’s 3.3% print. It brought year-to-date average inflation to 3.4%, within the central bank’s 2% to 4% target range for the year.
Economists in a Reuters poll had projected annual inflation at 2.5%, within the central bank’s 2.0% to 2.8% forecast range.
Core inflation, which strips out volatile food and energy prices, was 2.4% last month, compared to a Reuters poll of 2.5%.
—Reporting by Mikhail Flores and Karen Lema; Editing by Martin Petty and Christopher Cushing
