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BackThe Philippine inflation rate rose to 7.8% in October, the highest level since February 2023
The Philippine inflation rate rose to 7.8% in October, the highest level since February 2023
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中国新闻网17 minutes agoBusiness2 min readChinaView original

The Philippine inflation rate rose to 7.8% in October, the highest level since February 2023

Rising transport prices are one of the main factors driving faster inflation

Philippinesinflation ratetransportation price

Quick Look

  • Data from the Philippine Statistics Authority showed that the inflation rate rose to 7.8% in October, rising for the second consecutive month and hitting a new high since February 2023.
  • Transportation prices increased by 20.1% year-on-year, housing, water, electricity and gas prices increased by 9.3%, and the core inflation rate rose to 5.4%.

AI-generated summary

Why It Matters

The Philippines' average inflation rate from January to October was 5.6%, higher than the government's inflation target range of 2% to 4%. The Philippines' energy supply is highly dependent on imports, and fluctuations in international energy prices and the depreciation of the peso have further pushed up the costs of fuel, electricity and other imported goods.

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Data released by the Philippine Statistics Authority on the 5th showed that the Philippine inflation rate rose to 7.8% in October, higher than 7.2% in September, rising for the second consecutive month, hitting a new high since February 2023.

From January to October this year, the average inflation rate in the Philippines was 5.6%, higher than the government’s inflation target range of 2% to 4%.

Philippine Statistics Authority Director and National Statistician Dennis Mapa said at a press conference that day that rising transportation prices were one of the main factors driving the acceleration of inflation in October. The transportation price index rose 20.1% year-on-year that month, higher than 14.6% in September.

Mapa noted that the increase in public road transport fares, especially jeepney and bus fare increases, as well as higher fuel prices, have combined to push up transport costs.

In addition, rising prices for housing, water, electricity, gas and other fuels are also exacerbating inflationary pressures. In October, the price index for this category rose 9.3% year-on-year, up from 8.4% in September. At the same time, the price index for food and non-alcoholic beverages rose 6.1% year-on-year, which was slower than the 6.7% increase in September.

Excluding volatile energy and food prices, the Philippines' core inflation rate rose to 5.4% in October from 4.8% in September, indicating further increasing pressure on underlying prices.

The Philippines' energy supply is highly dependent on imports, and fluctuations in international energy prices and the depreciation of the peso have further pushed up the costs of fuel, electricity and other imported goods. Affected by the situation in the Middle East, uncertainty in the international energy market has intensified and inflationary pressure continues to increase. This has also caused the Philippine central bank to face the challenge of policy balance between stabilizing prices and supporting economic growth.

What to Watch

AI outlook — possibilities, not facts

  • Philippine central bank may adjust monetary policy in coming months to combat inflationary pressures

    Possible · Within months

Open Questions

  • Will the Philippine central bank adjust interest rates to combat rising inflation?
  • What is the specific impact of rising transportation prices on low-income groups?
  • Does the government have other measures to control inflation?

Related Topics

Philippines
PeopleDennis Mapa
Organizationsphilippine statistics bureauphilippines central bank
Placesmanilamiddle east
Topicsinflation ratetransportation pricecore inflationpesoenergy prices
This article was originally published by 中国新闻网.

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