Inflation
The rate of increase in price over a period of time. Inflation is often measured in broad terms, such as the rise in general prices or the rise in the cost of living in a country.
Inflation rate in the Philippines
The Philippines is the most food-insecure country in emerging Asia due to its reliance on imported food to sustain its growing population. According to a report released on Wednesday (October 5, 2022) by the Philippine Statistics Authority (PSA), the rate of inflation accelerated to 6.9% in September 2022 from 6.3% in August.
Causes of Inflation rate in the Philippines
The rapid rise in the cost of food and non-alcoholic beverages in September 2022 was the primary contributor to the increased inflation rate. This has an inflation rate of 7.4% and accounts for 70.6% of the country's overall inflation increase. Vegetables, tubers, boiling bananas, etc. were the main contributors to this index, with inflation rising to 3.5% in September from -2.7% in August. Additionally contributing to this index were fish and other seafood, sugar, confections, and sweets, with corresponding inflation prints of 9.1% (from 7.2%) and 30.2% (from 26%).
Housing, Water, Electricity, Gas, and Other Fuels was the second commodity group to contribute to the acceleration of September inflation, with an increase in price of 7.3% from 6.8% in August and an 18.2% share of the total upswing.
The Restaurants and Accommodation Services index, with a print of 4.6% from August's 4.2% and a 6.5% contribution to the overall increase in last month's inflation, was the third commodity group to display higher inflation in September.
Alcoholic beverages and tobacco saw increases of 9.8%, clothing and footwear increased by 2.9%, furnishings, household equipment, and routine household maintenance increased by 3.5%, information and communication increased by 0.5%, leisure, sport, and culture increased by 2.7%, and personal care and other goods and services increased by 3.4%.
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Source: PSA