By Tracy Cabrera
MANILA — Philippine inflation accelerated sharply to 7.2 percent in September, reaching its highest level so far this year as prices of food, transportation and energy continued to put pressure on consumers.
The Philippine Statistics Authority (PSA) said the September figure was up from 6.1 percent in August, ending four months of easing inflation.
The latest rate matched the level recorded in April, which had previously been the year’s peak. It was also significantly higher than the 1.7 percent inflation recorded in September last year.
September’s reading exceeded the 6.7-percent median forecast in a recent poll and came close to the upper end of the Bangko Sentral ng Pilipinas’ (BSP) projected range of 6.4 percent to 7.4 percent for the month.
PSA chief statistical specialist Maria Leizl Magbojos said the renewed acceleration in consumer prices could have implications for monetary policy, including the possibility of another interest rate increase later this month.
The sharp rise in inflation comes amid higher costs for basic commodities as well as transportation and energy, adding to the financial strain on households and businesses.
The BSP, meanwhile, said authorities remain closely monitoring developments and are prepared to respond as needed.
The central bank stressed that the government continues to implement measures aimed at easing inflationary pressures and keeping price movements under control.
It said it remains “vigilant and guided by incoming data” as policymakers assess the latest inflation figures and their potential impact on the economy.
ia/xf
