December 7, 2022

Filipino Guardian

Sentinels of Filipino Free Press

Philippines October inflation at highest level since December 2008

1 min read

A wide variety of fish at the Marikina Public Market. — FILIPINO STAR/ WALTER BOLLOZOS

Philippine annual inflation accelerated to 7.7% in October, the highest since December 2008 and up from 6.9% in the previous month, the statistics agency said on Friday.

Last month’s inflation rate was above the median forecast of 7.1% in a Reuters poll and near the high end of the central bank’s forecast of 7.1% to 7.9% for the month.

Inflation averaged 5.4% in January-October, well outside the official full-year target range of 2% to 4%.

Core inflation, which excludes volatile food and fuel, rose to 5.9% in October from an upwardly revised 5.0% in September, the Philippine Statistics Bureau said.

Bangkok Sentral ng Pilipinas Governor Felipe M. Medalla said Thursday the central bank would raise interest rates by 75 basis points at its Nov. 17 meeting to reflect the recent monetary tightening by the US Federal Reserve. – Reuters

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