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Financial News: Philippines Inflation Rises In August

Philippines Inflation Rises In August

09/07/2021 - 02:48:00 (RTTNews)

(RTTNews) - The Philippines' inflation increased in August, data from the Philippine Statistics Authority showed on Tuesday.

The consumer price index rose 4.9 percent annually in August, following a 4.0 percent increase in July. Economists had expected a 4.4 percent rise.

This was the highest recorded since January 2019.

Prices for alcoholic beverages and tobacco grew 10.3 percent and those of clothing and footwear rose 1.8 percent.

Prices for housing, water, electricity, gas and other fuel, and furnishing, household equipment and routine household maintenance gained by 3.1 percent and 2.5 percent, respectively.

Core inflation, which excludes prices of selected food and energy items, rose to 3.3 percent in August from 2.9 percent in the previous month.

On a monthly basis, consumer prices grew 0.6 percent in August, following a 0.4 percent rise in the previous month. Economists had forecast a 0.2 percent increase.

Separate data from the statistical office showed that the jobless rate fell to 6.9 percent in July from 7.7 percent in June.

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