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Nov 7, 2017 @ 18:35

October inflation rises to 3.5% with higher food, fuel costs — NEDA

 

Prices of basic goods have risen faster but is not alarming for now.

Commodity prices rose by 3.5 percent in October 2017, the National Economic and Development Authority (NEDA) said, rising from 3.4 percent in September to hit a new peak for the year.

Prices of corn, meat, and vegetables inched higher that month, which is still seen as an effect of recent typhoons which caused supply and harvest disruptions.

Petroleum prices also surged last month by double digits as world crude rates climbed, the NEDA said in a statement.

Still, inflation is not viewed to be alarming as it remains within the 2-4 percent target set by the central bank.

“We still expect full year inflation to stay within our target of 2.0 to 4.0 percent. However, upside risks become more prominent as the holiday season approaches. This warrants close monitoring of the rising prices in domestic petroleum as well as utility rates,” Socioeconomic Planning Secretary Ernesto M. Pernia said.

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