Soaring food prices push inflation to 6.1%

MANILA, Philippines — The Philippine Statistics Authority (PSA) reported that the inflation rate for September 2023 climbed to 6.1%, primarily driven by sharp rises in food prices, especially rice, and the constant increase in transportation costs due to surging fuel prices.

The inflation, which measures how much prices for everyday goods and services are going up, was faster last month than the 5.3% recorded in August but slightly lower than the 6.9% print in September 2022. 

A higher year-on-year increase in the prices of food and non-alcoholic beverages contributed the most to the overall inflation in September, increasing from 8.1% in August to 9.7% in September. This is followed by heftier transport costs, which accelerated to 1.2 in September compared to 0.2% in August.

The latest figure falls within the 5.3 to 6.1% forecasted range by the Bangko Sentral ng Pilipinas for September but is still above the central bank’s 2 to 4% inflation target. 

The 6.1% headline inflation rate is the highest recorded figure in four months, with May also recording a 6.1% inflation rate.

Increasing food and fuel prices pushed the country's inflation trend back upwards in August.

Inflation remains the most pressing issue among Filipinos and the key issue that caused most surveyors to be dissatisfied with President Ferdinand Marcos Jr., according to a September survey by Pulse Asia. — with reports by Gaea Katreena Cabico