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Philippine Inflation Accelerates For Third Month

Philippine consumer price inflation accelerated for the third straight month in September to the highest level in five months, figures from the Philippine Statistics Authority showed Thursday.

The consumer price index climbed 3.4 percent year-over-year in September, faster than the 3.1 percent rise in August.

Economists had expected the inflation to remain stable at 3.1 percent.

Moreover, the latest inflation was the strongest since April, when prices had grown the same 3.4 percent.

Excluding selected food and energy items, core inflation rose to 3.3 percent in September from 3.0 percent in the prior month.

On a monthly basis, consumer prices went up 0.5 percent from August, when it increased by 0.3 percent. It was forecast to rise by 0.2 percent.

The statistical office also revealed that producer prices declined at a slower rate of 0.3 percent annually in August, following a 0.9 percent drop in the prior month.

Monthly, producer prices edged up 0.2 percent in August after a 0.1 percent fall in July.

by RTTNews Staff Writer

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