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Friday, March 29, 2024

October inflation hit 14-year high of 7.7%

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Inflation rate in October accelerated to a 14-year high of 7.7 percent from 6.9 percent in September, driven by faster increases in the prices of food and non-alcoholic beverages, the Philippine Statistics Authority said Friday.
“This is the highest recorded inflation since December 2008,” the PSA said.

National statistician and civil registrar general Dennis Mapa said in an online briefing the October inflation was faster than the 4 percent in the same month last year.

He said that food had an inflation of 9.4 percent in October and an 18-percent share in the overall inflation.
This brought the average inflation in the first 10 months to 5.4 percent, above the Bangko Sentral ng Pilipinas’ target range of 2 percent to 4 percent set by the government.

The BSP announced plans to raise the benchmark interest rate by 75 basis points in the next policy meeting of the Monetary Board on Nov. 17 to tame inflation and prevent the further slide of the peso against the US dollar.

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