Higher food prices push inflation to highest in 18 months
Prices of food and nonfood commodities have picked up pushing the country’s inflation rate to rise to 2.3 percent last September, the highest since the 2.4 percent rate in March 2015.
The high September inflation rate has brought the January-September inflation rate to average 1.6 percent, according to the Philippine Statistics Office.
The Inquirer quoted economist Antonio T. Mapa of the Bank of the Philippine Islands saying the acceleration in prices emanated from the heavyweight food basket, which accounts for 3.1 percent, followed by utilities (0.9 percent) and transport (0.2 percent).
Bangko Sentral ng Pilipinas Governor Amando M. Tetangco, however, said that the September’s turnout was consistent with expectation of inflation slowly inching up towards the national government target range over the policy horizon.
Tetangco also said that BSP was closely monitoring developments such as financial market volatility, as well as the impact of possible adjustments to the tax structure on consumption patterns.