Monday 16 July
Powered by Ajaxy
Oct 5, 2017 @ 14:08

Inflation peaks at 3.4% in September


Higher food prices drove inflation to a five-month high.

Inflation hit 3.4% in September to rise from 3.1% in August, the National Economic and Development Authority (NEDA) announced on Thursday, Oct. 5.

Prices of basic goods moved up due to higher food prices, which were affected by weather disturbances that hit the Philippines last month. In particular, food inflation rose by 3.6% from 3.5% in August due to higher costs of corn, fish, vegetables, cereals, flour, bread, pasta, and oils and fats.

“The accelerated adjustments in food, particularly corn, fish, and vegetables, can be partly traced to the lingering effects of Typhoon Jolina and Tropical Depression Maring, which caused damage to agriculture and fisheries in the CALABARZON region, particularly Quezon province,” NEDA Secretary Ernesto Pernia said.

In particular, total reported losses from Tropical Depression Maring were estimated to have reached P77 million.

“We must continue to strengthen the resiliency of communities not only to support low-income farmers but also to stabilize prices of agricultural commodities,” Pernia added.

Despite the higher reading that matches the 3.4% recorded in April, Pernia said he remains “positive” that inflation for the full year will still be within the 2-4% range.

Tags: , , , , , , ,

Related Stories
The Philippines and Spain inked an agreement that allows international commercial air transport services between
The state-run Social Security System (SSS) on Thursday disclosed that it invested PHP3 billion of
Foreigners remain devoted to pouring money into the Philippines.
Hong Kong-based Golden Millennial Quickpay Inc. Ltd. (GMQ) has launched its cryptocurrency exchange and financial


Trending News

Recommended on sister sites

Copyright © 2018 Bilyonaryo - Latest news on the richest Filipinos and Family Business.