MANILA — 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
