Inflation hits 3-yr high in Oct

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INFLATION rose to a three-year high of 3.5 percent in October, the government reported on Tuesday.

The result, attributed to higher non-food prices, picked up from September’s 3.4 percent and the 2.3 percent recorded a year earlier. It brought year-to-date inflation to 3.2 percent, above the midpoint of the government’s 2 percent to 4 percent target.

The Department of Finance’s forecast was on the spot while the Bangko Sentral ng Pilipinas (BSP) had an estimate range of 3.2 percent to 3.7 percent for the month.

The last time the country’s inflation rate exceeded 3.5 percent was in November 2014, when it hit 3.7 percent. MAYVELIN U. CARABALLO


 

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