Inflation climbs to 3.4% in Sept

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Faster price increases in food items caused inflation to accelerate to 3.4 percent in September, raising expectations of a policy tightening by monetary officials by year-end and beyond.
The September print was higher than 3.1 percent in August and the 2.3 percent rate recorded in the year-earlier period, data released by the Philippine Statistics Authority (PSA) on Thursday showed.
It brought the year-to-date inflation tally to 3.1 percent, just above the midpoint of the government’s 2-percent to 4 percent target.

The September rate matched the projection made by the Department of Finance. The Bangko Sentral ng Pilipinas (BSP) had estimated it at between 2.8-percent and 3.6 percent.

The last time the country’s inflation rate exceeded 3.4 percent was in November 2014, when it hit 3.7 percent.

MAYVELIN U. CARABALLO

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