Philippines Inflation Rate Up to 2.9% in October

Philippines inflation rate climbed to a 7-month high in October and reached 2.9 percent, fueled by higher cost of food and clothing.

Year-on-year, food prices rose faster at 3.4 percent in October from 2.5 percent in September. The rice index climbed 7.8 percent from 7.1 percent in the previous month; cost of meat and fish accelerated to 2.2 and 2.5 percent respectively. Moreover, vegetable prices went up by 1.2 percent from a drop of 3.7 percent last month.

Cost of clothing increased 3.0 percent from 2.9 percent in September. Slower annual hikes were however, recorded in the indices of alcoholic beverages and tobacco; housing, water, electricity, gas and other fuels; furnishing, household equipment and routine maintenance of the house; health; and transport. Those for the rest of the commodity groups remained at their last month’s rate.

From September to October, prices slowed down to 0.1 percent from 0.6 percent in the previous period. This was due to lower charges in electricity rates together with price decreases in kerosene in many regions. Moreover, price increases in rice slowed down during the month due to the on-going harvest season of palay.

Philippines Inflation Rate Up to 2.9% in October

National Statistics Office | Joana Taborda |
11/5/2013 9:26:23 AM