Inflation rate hit a four-year high of 6.9 percent on the back of higher food prices, the Philippine Statistics Authority said Wednesday.
“This is the highest recorded inflation since October 2018,” the PSA said.
The September inflation was faster than 6.3 percent in August and 4.2 percent a year ago.
This brought the average inflation in the first nine months to 5.1 percent, above the government’s 2020 target range of 2 percent and 4 percent.
Data showed the acceleration in September inflation “was primarily due to the higher annual growth rate in the index for food and non-alcoholic beverages at 7.4 percent from 6.3 percent in August 2022.
This was followed by housing, water, electricity, gas and other fuels with 7.3 percent annual growth, up from 6.8 percent in August.