Headline inflation accelerated to 4.6 percent in the two months to August from 4.4 percent in the full second quarter because of a persistent rise in food prices, the central bank said on Friday.
The rise in consumer price index (CPI) was even faster compared with the 2.4 percent inflation recorded in the corresponding third quarter of 2013, preliminary data for the third quarter 2014 released by the Bangko Sentral ng Pilipinas (BSP) showed.
The BSP stressed that the new inflation figure rate only covered the period July to August, with the rate for September yet to be released on October 7.
“In this report, the quarterly inflation rates (headline, core, food and non-food inflation) for Q3 2014 were computed as the year-on-year change in the Average CPI for July-August 2014 relative to the average CPI for July-September 2013,” the BSP explained.
During the quarter, food inflation moved up faster largely to tight domestic supply conditions triggered by weather-related disturbances and supply-side bottlenecks, it said.
Non-food inflation decelerated as a result mainly of reductions in the prices of domestic petroleum products due to favorable inventories overseas, the BSP added.