Philippines: Inflation remains at nearly three-year high in August
September 5, 2014
In August, consumer prices rose 0.3% over the previous month, which came in below the 0.6% rise recorded in July. August’s increase was driven by higher prices for selected food items and higher electricity rates. Annual inflation remained at July’s 4.9%, which had represented the highest reading since October 2011. Meanwhile, annual average inflation, which is the reference rate used by the Central Bank as a guide for monetary policy, edged up from 3.8% in July to 4.0% in August.
The core inflation index, which excludes volatile items such as food and oil, in August rose 0.3% over the previous month, which slightly exceeded July’s 0.2% increase. Finally, annual core inflation rose from 3.0% in July to 3.4% in August.