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Philippines Inflation August 2023

Philippines: Inflation rises in August

Inflation increased to 5.3% in August, above July’s 4.7%. The result was primarily due to increasing prices for food and non-alcoholic beverages. In addition, price pressures for clothing and footwear grew at a stronger rate.

The trend pointed down mildly, with annual average inflation coming in at 6.9% in August (July: 7.0%).

Finally, consumer prices rose a seasonally adjusted 1.10% in August over the previous month, contrasting the 0.02% fall logged in July. August’s jump marked the highest reading since January 2021.

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