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Financial News: Philippine Inflation At 4-month Low In September

Philippine Inflation At 4-month Low In September

10/06/2020 - 03:30:00 (RTTNews)

(RTTNews) - The Philippines' inflation eased to a four-month low in September, data from the Philippine Statistics Authority showed Tuesday.

The consumer price index rose 2.3 percent annually in September, after a 2.4 percent increase in August. Economists had expected a 2.4 percent rise.

The latest rate was the lowest since May, when prices climbed 2.1 percent.

The downtrend in the inflation was mainly due to the slowdown in the heavily-weighted food and non-alcoholic beverages by 1.5 percent.

Likewise, slower inflation was registered for alcoholic beverages and tobacco by 12.9 percent and those of clothing and footwear, and furnishing, household equipment and routine maintenance of the house by 1.8 percent and 3.7 percent, respectively.

Core inflation, which excludes prices of selected food and energy items, rose to 3.2 percent from 3.1 percent in the previous month.

On a monthly basis, consumer prices remained unchanged in September, after a 0.2 percent fall in the prior month.

Separate data from the statistical office showed that the production index value declined 13.8 percent yearly in August, following a 17.2 percent fall in July.

Production index volume fell 9.9 percent annually in August, following a 14.6 percent decrease in the preceding month.

Data also showed that the producer prices fell 4.4 percent in August, following a 3.0 percent decline in July.

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