The Philippine annual headline inflation picked up to 2.7 percent in September from 2.1 percent in August.
Data from the National Statistics Office (NSO) showed that September inflation went up because of the uptrend in the prices of heavily weighted food and non-alcoholic beverages index. Inflation a year ago was 3.7 percent.
“Faster annual increases in the indices of alcoholic beverages and tobacco; housing, water, electricity, gas and other fuels; and health were also noticed during the month,” it stated.
Annual rate in Metro Manila also jumped to 1.1 percent in September from a 0.1-percent decline in August as higher annual mark-ups in the indices of food and non-alcoholic beverages; housing, water, electricity, gas and other fuels; and restaurant and miscellaneous goods and services, were noted.
In areas outside Metro Manila, annual inflation went up 3.1 percent in September from 2.7 percent in August, effected by a higher annual growth posted in the food and non-alcoholic beverages index.
Moreover, the data said that annual increments were higher in the indices of alcoholic beverages and tobacco; housing, water, electricity, gas and other fuels; and health.
Furthermore, the NSO data said that core annual inflation moved up 2.3 percent in September from 1.9 percent in August.
On a monthly basis, the country’s consumer prices shot up by 0.6 percent in September from 0.2 percent in August, resulting from the continued price hikes in rice along with the price upticks in corn, fruits and vegetables.
Contributing also to the uptrend were the general upward adjustments in electricity rates and price gains in petroleum products and some health services.
Meanwhile, inflation turn out for September was within the 1.9 percent to 2.8 percent forecast range of the Bangko Sentral ng Pilipinas (BSP) for the month.
“This reaffirms our assessment that inflation would remain manageable over the policy horizon, and that barring any unforeseen developments, policy settings continue to be appropriate,” BSP Governor Amando Tetangco Jr. said in a text message to reporters.
He also assured the public that the central bank remains watchful of both local and global developments, including the impact of the resolution of the issues surrounding the Unites States ceiling on financial markets volatilities in the near term, and the real economy of the country.
“The BSP will adjust policy settings, as appropriate, consistent with our price and financial stability objectives,” Tetangco added.