Philippines’ MANILA For the month of September 2023, the Philippine Statistics Authority (PSA) reported a considerable increase in the inflation rate, which was mostly caused by sharp increases in the price of food, particularly rice, and the ongoing rise in transportation costs as a result of rising fuel prices.
The inflation rate, which gauges how quickly prices for basic goods and services are rising, was higher in September 2022 than it was in August, when 5.3% was recorded, but it was still somewhat below that month’s 6.9% reading.
The total inflation rate in September increased from 8.1% in August to 9.7% in September, with the largest rise coming from higher year-over-year price increases for food and non-alcoholic beverages. The cost of transportation then rises significantly, from 0.2% in August to 1.2 in September.
The most recent statistic is still higher than the central bank’s 2 to 4% inflation objective even if it is within the 5.3 to 6.1% predicted range for September provided by Bangko Sentral ng Pilipinas.
The headline inflation rate of 6.1%, which was also recorded in May, is the highest amount seen in the previous four months.
Inflation in the nation resumed its upward trend in August as a result of rising food and gasoline costs.
According to a September study by Pulse Asia, inflation continues to be the most important issue facing Filipinos and the main reason why the majority of surveyors were unsatisfied with President Ferdinand Marcos Jr. Gaea Katreena Cabico provided reports.
