MANILA — Philippine annual inflation quickened for the first time in seven months in August reflecting a rise in transport and food costs, the statistics agency said on Tuesday.
The consumer price index (CPI) rose 5.3% in August, above the previous month’s pace of 4.7%, bringing year-to-date inflation to 6.6%, well outside the central bank’s 2%-4% comfort range.
Economists in a Reuters poll had forecast the consumer price index PHCPI=ECI would rise 4.7% for August, within the central bank’s 4.8% to 5.6% projection for the month.
Excluding volatile energy costs, core inflation was 6.1% in August, slower than the previous month’s 6.7%.
– Reporting by Neil Jerome Morales and Enrico dela Cruz; Editing by Kanupriya Kapoor
