"News Article Of Information"

    URL:https://www.cnnphilippines.com/news/    

   Tittle:Inflation rises to 4-year high at 6.9% in September as food, energy costs surge

Metro Manila (CNN Philippines, October 5) — Inflation accelerated further in September to 6.9% — its highest rate in four years — with food items again leading the increase in prices, the Philippine Statistics Authority (PSA) said Wednesday.

The last time inflation hit the same rate was in September and October 2018 amid the rice crisis, said PSA chief Dennis Mapa. The next highest pace would be 7.2% in February 2009, he added.

September's figure also fell within the 6.6-7.4% range pegged by the Bangko Sentral ng Pilipinas (BSP) for the month.

Year-to-date inflation is now at 5.1%, further above the central bank's 2-4% target band for 2022.Vegetables, fish, and sugar primarily contributed to food inflation, which accelerated to 7.4% in September from 6.3% the month prior.

The housing, water, electricity, gas, and other fuels basket was the second top driver with a 7.3% inflation rate. Electricity, rentals, and wood fuel mainly pushed up inflation for this commodity basket.

Restaurants and accommodation services again contributed to the faster increase in commodity prices in September, with the group logging a 4.6% rate itself.

However, core inflation, which excludes food and energy items given their price volatility, eased slightly to 4.5% during the month from August's 4.6%.