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21 November 2024
 
   
 
 

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PH inflation quickens anew to 6.1% in September

2023-10-05



 

Metro Manila (CNN Philippines, October 5) — The countrys commodity prices were on the rise anew as the inflation rate increased to 6.1% in September, the Philippine Statistics Authority (PSA) reported on Thursday.

According to data from the PSA, inflation was hotter last month than the 5.3% posted in August.

Septembers inflation rate is within the 5.3% to 6.1% forecast range of the Bangko Sentral ng Pilipinas for the month.

National Statistician Dennis Mapa said the latest figure pushed the average inflation from January to September to 6.6%.

During a briefing, the main driver of the acceleration was the food and non-alcoholic beverages, particularly cereal food items, such as rice.

Transport likewise contributed to faster inflation following a series of fuel price hikes during the month.

Other commodity groups that witnessed increases include health; recreation, sport, and culture; and education services.

Mapa said the inflation rate in Metro Manila likewise inched up to 6.1% from 5.9% a month ago, still blamed on higher prices in fuel, housing, power, and water.

In areas outside the capital, the rate of price increase also jumped to 6%.

Central Luzon booked the highest inflation rate at 7.9%, while Central Visayas had the lowest at 3.8%.

According to the official, 15 regions posted faster inflation last month.

Asked for his outlook as the Ber months already began when consumers are expected to spend more, Mapa said there are still threats to inflation, especially on food and transportation.

Following authorities decision to green-light the ₱1 provisional jeepney fare hike, Mapa said this would definitely have a direct impact on transport inflation, which may be reflected in October data.

READ: LTFRB approves ₱1 provisional jeepney fare hike, groups say its not sustainable

National Economic and Development Authority Secretary Arsenio Balisacan assured the vulnerable sectors that the Marcos administration is ready to provide “targeted assistance.”

“The government is committed to providing targeted assistance to affected vulnerable segments of the population while food prices remain elevated,” he said in a statement.

In a separate statement, the Palace said President Ferdinand Marcos Jr. is on top of the situation to ease transportation costs as well as launch long-term investments in the agriculture sector.

“Furthermore, we are pleased to report that our economic managers anticipate a moderation in rice prices, as local production increases due to the onset of the harvest season and the entry of rice imports previously ordered. This will further alleviate the burden on our citizens,” Malacañang added.



 
 
 

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