5-10-2023 (MANILA) The Philippine Statistics Authority (PSA) has recently released a report revealing that the country’s inflation rate for September 2023 has risen to 6.1%. This surge can be attributed to significant increases in food prices, particularly rice, as well as the continuous escalation of transportation expenses due to surging fuel prices.
Inflation, which measures the rate at which prices for everyday goods and services are increasing, saw a faster pace last month compared to the 5.3% recorded in August. However, it is slightly lower than the 6.9% figure observed in September 2022.
Among the contributing factors to the overall inflation in September, the prices of food and non-alcoholic beverages experienced a higher year-on-year increase. These prices rose from 8.1% in August to 9.7% in September. Additionally, transport costs significantly surged, reaching 1.2% in September compared to 0.2% in August.
The latest inflation figure falls within the forecasted range of 5.3% to 6.1% projected by the Bangko Sentral ng Pilipinas for September. However, it still surpasses the central bank’s inflation target of 2% to 4%.
With a headline inflation rate of 6.1%, this marks the highest recorded figure in the past four months. The same rate was last observed in May this year. The notable increase in food and fuel prices played a significant role in pushing the country’s inflation trend upwards in August.
Inflation continues to be a pressing concern among Filipinos and remains a key issue that has contributed to the dissatisfaction expressed by many survey respondents towards President Ferdinand Marcos Jr. This sentiment was disclosed in a recent survey conducted by Pulse Asia in September.
