Philippines: Inflation comes in at highest level since December 2008 in October
Inflation rose to 7.7% in October, following Septembers 6.9%. October’s figure represented the highest inflation rate since December 2008. The pick-up was broad-based, with greater price pressures recorded for food and non-alcoholic beverages, clothing and footwear, and housing and utilities.
The trend pointed up, with annual average inflation coming in at 5.0% in October (September: 4.7%).
Finally, consumer prices rose a seasonally adjusted 1.03% over the previous month in October, accelerating from the 0.60% rise seen in September. October’s result was the highest reading since January 2021.