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Philippines Inflation September 2023

Philippines: Inflation rises in September

Inflation came in at 6.1% in September, up from August’s 5.3%. The reading was primarily due to rising prices for food and non-alcoholic beverages.

Nevertheless, annual average inflation was unchanged at August’s 6.9% in September.

Lastly, consumer prices rose a seasonally adjusted 1.23% in September over the previous month, picking up from the 1.10% rise seen in August.

Analysts at the EIU commented on the release: “The acceleration in inflation was driven by rice prices more than doubling […]. This is a politically sensitive issue, as it greatly affects the living conditions of millions of low-income earners. It is worth noting that the surge in rice prices occurred despite the implementation of a mandatory price ceiling for regular and well-milled rice. The lifting of the price ceiling on October 4th suggests that rice price inflation will continue to be strong towards the end of the year.”

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