Published by: Izy Demonteverde
Date Published: October 9, 2023
Time Published: 11:15 AM
Manila, Philippines – As Filipinos experienced the food and transport price hike, the inflation rate soared to 6.1% for the second straight month in September 2023.
Based on data by the Philippine Statistics Authority (PSA), rice with a 17.9% inflation shares a significant contribution to the overall increase in inflation of food and non-alcoholic beverages with an inflation print of 9.7% on the report of PSA.
Followed by the cost increase of transportation accelerating from 0.2% to 1.2%, contributing 12.6% to the overall inflation. The slower fall in the price of gasoline was the cause of the higher inflation print for transportation.
Further commodities such as health experienced an increase up to 4.1%, recreation, sport, and culture with 5.1%, and education services to 3.6%.
With the month of May also posting a 6.1% inflation rate, the inflation rate in September is the highest level to be recorded in the past four months.
REFERENCE:
Cordero, T. (2023, October 5). PSA: Inflation faster at 6.1% in September 2023. GMA News Online. https://www.gmanetwork.com/news/money/economy/884252/rice-inflation-quickens-to-14-year-high-of-17-9-in-september/story/
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