Inflation accelerated to 6.9 percent in September: PSA

(Eagle News) — Inflation accelerated to 6.9 percent in September, the Philippine Statistics Authority reported on Wednesday, Oct. 5.

According to the PSA, this is the highest recorded inflation since October 2018.

In August, inflation was at 6.3 percent.

The PSA said the acceleration was primarily due to the higher annual growth rate in the index for food and non-alcoholic beverages, which was at 7.4 percent from the 6.3 percent in August.

This was followed by housing, water, electricity, gas, and other fuels, which posted a 7.3 percent annual growth, from the 6.8 percent in August.

The PSA said also contributing to the uptrend were the higher annual increases in the indices of the following commodity groups:

a. Alcoholic beverages and tobacco, 9.8 percent;
b. Clothing and footwear, 2.9 percent;
c. Furnishings, household equipment, and routine household maintenance, 3.5 percent;
d. Information and communication, 0.5 percent;
e. Recreation, sport, and culture, 2.7 percent;
f.  Restaurants and accommodation services, 4.6 percent; and
g. Personal care, and miscellaneous goods and services, 3.4 percent.

Lower annual increments, meanwhile, were observed in the indices of health at 2.4 percent; transport at 14.5 percent; and education services at 3.5 percent.

Meanwhile, in Metro Manila, inflation rose to 6.5 percent in September 2022, from 5.7 percent in August 2022.

Inflation in areas outside Metro Manila also  increased to 7.0 percent in September 2022, from 6.5 percent in August 2022.

“Except for Region VIII (Eastern Visayas), all regions in AONCR recorded higher inflation rates in September 2022. Region IX (Zamboanga Peninsula) and Region XI (Davao Region) both had the highest inflation rate of 9.6 percent…,” the PSA said.

Region II (Cagayan Valley) and Region IV-A (CALABARZON), meanwhile, had the lowest inflation rate at 5.9 percent.

Inflation refers to the rate of increase in prices over a period of time.