Philippines Inflation Rate at 5-Month High of 3.4% in September

Consumer prices in the Philippines rose 3.4 percent year-on-year in September of 2017, following a 3.1 percent increase in the previous month and above market expectations of a 3.2 percent rise. It was the highest inflation rate since April, driven by faster rises in cost of food, transport and housing & utilities.

In September, prices increased more than in a month earlier for: alcoholic beverages & tobacco (6.4 percent from 6.3 percent in August); clothing & footwear (2.0 percent from 1.9 percent); housing, water electricity, gas & other fuels (3.8 percent from 2.8 percent); transport (4.8 percent from 4.4 percent) and restaurant & miscellaneous goods & services (2.2 percent from 2.1 percent). Prices of heavily-weighted food and non-alcoholic beverages also increased by 3.6 percent, compared to a 3.5  percent rise in the preceding month. Meantime, cost went up at a slower pace for health (2.3 percent from 2.4 percent); while was steady for: furnishing, household equipment and routine maintenance (1.8 percent); communication (0.3 percent); recreation & culture (1.4 percent) and education (2.3 percent).

Core consumer prices went up 3.3 from a year earlier, compared to a 3.0 percent gain in the prior month while market expected a 3.0 percent rise. It was the highest figure since September 2014.

On a monthly basis, consumer prices rose 0.5 percent, faster than a 0.3 percent rise in August. It marked the highest reading since November 2016, as prices increased for most categories: food (0.5 percent); alcoholic beverages & tobacco (0.3 percent); clothing & footwear (0.1 percent); housing, water, electricity, gas & other fuels (1.0 percent); furnishing, household maintenance and routine maintenance (0.1 percent); health (0.1 percent); transport (0.6 percent); recreation & culture (0.1 percent) and restaurant and miscellaneous goods and services (0.3 percent). Meanwhile, cost was flat for: communication and education.

For 2017, the central bank expects inflation to average at 3.2 percent.

Philippines Inflation Rate at 5-Month High of 3.4% in September

PSA l Rida Husna |
10/5/2017 2:53:44 AM