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Financial News: Philippines Inflation At 14-Year High, Producer Prices Ris

Philippines Inflation At 14-Year High, Producer Prices Rise

11/04/2022 - 04:30:00 (RTTNews)

(RTTNews) - The Philippines' inflation grew to the highest level since December 2008, mainly led by a faster rise in food prices, data from the Philippine Statistics Authority showed on Friday.

Producer price inflation increased slightly in September after easing in the previous month.

The consumer price inflation accelerated to 7.7 percent in October from 6.9 percent in September. Economists had expected a 7.1 percent rise.

The latest inflation was the highest since December 2008, the agency said.

Core inflation, which excludes selected food and energy items in the headline inflation, rose to 5.9 percent in October from a revised 5.0 percent in September.

The latest inflation was within the Bangko Sentral ng Pilipinas' forecast range of 7.1-7.9 percent.

The central bank said that the latest inflation reading affirms its assessment that inflation is likely to remain above target in the near term amid broadening price pressures and second-round effects.

Looking ahead, the bank said, it is closely evaluating all risks to the inflation outlook and remains committed to taking all necessary monetary policy action to bring inflation back to a target-consistent path over the medium term.

The bank also reiterated its full support for the government's efforts to improve farm productivity and address supply bottlenecks for key food items.

The statistical office attributed the high inflation to a 9.4 percent annual increase in food and non-alcoholic beverages.

Prices for alcoholic beverages and tobacco grew 10.4 percent and those for clothing and footwear climbed 3.1 percent.

Prices for housing, water, electricity, gas and other fuels gained 7.4 percent and those for recreation and culture gained 3.0 percent.

Prices for furnishings, household equipment and routine household maintenance increased 3.8 percent and those for health rose by 2.6 percent.

Prices for restaurants and accommodation services rose 5.7 percent and prices for personal care, and miscellaneous goods and services increased 3.7 percent.

On a monthly basis, consumer prices rose 1.0 percent in October, following a 0.6 percent increase in the previous month.

Separate data from the statistical office showed that producer prices grew 7.4 percent yearly in September, following a 7.1 percent gain in August.

The latest growth in prices was mainly led by 15.2 percent growth in the manufacture of coke and refined petroleum products.

On a month-on-month basis, producer prices advanced 0.8 percent in September, after a 0.3 percent decline in the prior month.

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