Inflation accelerated for the second month in September, driven by faster increases in food prices particularly rice, according to the Philippine Statistics Authority.
National Statistician Dennis Mapa at a press conference yesterday said headline inflation, or the rate of increase in average prices of goods and services typically purchased by consumers, was at 6.1 percent in September – faster than the 5.3 percent in August.
For the January to September period, inflation averaged 6.6 percent, still above the BSP’s two to four percent target range. Rice inflation zoomed to 17.9 percent in September, the highest rate since the 22.9 percent in March 2009. It is also faster than the 8.7 percent in August despite a government-imposed price cap of P41 per kilo for regular milled rice and P45 for well-milled rice last month. The government has lifted the price ceiling.
Core inflation, which excludes selected food and energy items, decelerated further to 5.9 percent in September from the previous month’s 6.1 percent, but was still higher than the five percent print in September last year.Given the latest inflation result, the government will continue to support the most vulnerable sectors and implement measures to respond to rising prices, according to the National Economic and Development Authority in a statement.
NEDA said 78,000 farmers listed in the Pantawid Pamilyang Pilipino Program will also be provided P10,000 cash subsidy by the DSWD. In addition, rice farmers are set to receive P5,000 worth of financial assistance.Jollibee kicks off the holidays with new Christmas Chocolate Creations10 dreamy experiences in Europe, America for your 2024 travel bucket list, plus an early bird promo
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