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BCN-30
PHILIPPINE-ECONOMY-INFLATION
Philippine inflation hits 9-year high of 6.4 pct in August
MANILA, Sept. 6, 2018 (BSS/Xinhua) — Headline inflation in the
Philippines continued to accelerate in August hitting a new nine-year high of
6.4 percent, the Philippine Statistics Authority (PSA) said on Wednesday.
The inflation was posted at 5.7 percent in July and 2.6 percent in August
2017.
The PSA attributed the rising inflation rate to the spike in the prices of
food and non-alcoholic beverages; alcoholic beverages and tobacco;
furnishing, household equipment and routine maintenance of the house; health
and restaurant and miscellaneous goods and services; and recreation and
culture.
“The rest of the commodity groups either moved slower or had negative
annual rate with the index of clothing and footwear retaining its previous
month’s annual growth rate of 2.4 percent,” the PSA said in a statement.
Excluding selected food and energy items, the PSA said core inflation rate
likewise picked up by 4.8 percent in August 2018.
In the previous month, it said core inflation was posted at 4.5 percent
and in August 2017, 2.2 percent.
The PSA said the annual rate of the food alone index further climbed by
8.2 percent in August 2018.
Philippine Budget Secretary Benjamin E. Diokno said on Wednesday that the
government expects the inflation rate to taper off in the fourth quarter.
The inflation projection for 2019 is between 2 percent and 4 percent.
In Metro Manila, the PSA said inflation went up by 7.0 percent in August
2018. In the previous month, annual mark-up was registered at 6.5 percent and
in August 2017, 3.3 percent.
BSS/XINHUA/HR/1215