Philippines Inflation Rate on the Rise
Increase in Headline Inflation
The Philippines headline inflation rate, also known as the overall inflation rate, has increased further to 6.1% in September 2023 from 5.3% in August 2023. This increase is due to several factors, including rising food and energy prices.
CPI Increase
The Consumer Price Index for All Urban Consumers (CPI-U) rose 0.4% in September on a seasonally adjusted basis after increasing 0.6% in August. The CPI rose 0.4% in September from August, slightly more than the 0.3% pace economists expected, while the core rate excluding food and energy increased by 0.3%.
Recent Trends
Inflation in the Philippines has been on a steady upward trend in recent months. In June 2024, the headline inflation rate eased to 3.7% from 3.9% in May 2024. However, the rate has since started to increase again.
Government Response
The Philippine government is taking steps to address the rising inflation rate. The central bank has raised interest rates several times in an effort to cool economic growth and reduce inflation. The government is also implementing measures to increase the supply of food and energy.
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