The Philippines' year-on-year inflation rate increased to 7.7 percent in October from 6.9 percent in September, the highest since October 2018, according to the Philippine Statistics Authority (PSA), Friday, November 4.
National Statistician Dennis Mapa said that rising inflation had knocked the Philippine peso's purchasing power to 0.87 year-to-date. Moreover, recent weather disturbances will affect supply-side inflation in the coming months.
The food and non-alcoholic beverages inflation hiked to 9.4% in October from 7.4% in September, primarily due to increased prices for vegetables, root crops, plantains, and other parts of slaughtered animals. Year-to-date, average inflation stands at 5.4%. It is the highest in nearly 14 years or since December 2008, when it hit 7.8 percent.
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