ASEAN KEY DESTINATIONS
Inflation accelerates to 3.4% in Sept. as food prices go up
Inflation rate accelerated to 3.4 percent in September, from 2.3 percent a year earlier, the Philippine Statistics Authority (PSA) reported on Thursday.
"This was primarily due to the 3.6 percent annual growth recorded in the heavily-weighted food and non-alcoholic beverages index," the PSA said.
Last August, inflation clocked in at 3.1 percent. In March and April, inflation also registered at 3.4 percent, which makes the rate the fastest so far in the nine months to September.
When inflation touched 3.4 percent last March, it was the fastest in nearly three years since it registered at 3.7 percent in November 2014.
Prices of housing, transport, clothing and footwear, alcoholic beverages and tobacco, and restaurant and miscellaneous goods registered significant increases that drove inflation faster in September.
Despite the acceleration last month, Socioeconomic Planning Secretary Ernesto Pernia remained confident that inflation will settle within the government's 2 percent to 4 percent target for the year.
"We are still positive that inflation for the full year 2017 will settle within the government's target of 2 to 4 percent," he said.
"However, we still face several risks to inflation such as higher domestic fuel prices, weaker peso, and minimum wage hike that will be effective today in the National Capital Region," he said in an emailed statement. — VDS, GMA News
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