October 6, 2023
MANILA – Consumer prices rose at a faster rate in September on the back of higher food prices, likely keeping the pressure on the Bangko Sentral ng Pilipinas to stay hawkish.
Inflation, as measured by the consumer price index, sizzled to 6.1 percent in September, hotter than the 5.3 percent recorded in August, the Philippine Statistics Authority reported Thursday.
The PSA attributed the increase to higher year-on-year rise in food and non-alcoholic beverages prices at 9.7 percent, up from 8.1 percent in August. Transport, with inflation rate of 1.2 percent during the month, also contributed to the uptrend, it added.
The latest figure matched the upper-end of the BSP’s forecast range for the month. This is also the 18th straight month that inflation breached the central bank’s 2-4 percent target range.
Year-to-date, inflation averaged 6.6 percent, data showed.
The BSP last month maintained what analysts called a “hawkish pause” for the fourth consecutive meeting, while expressing its readiness to tighten more as inflation continues to crimp consumption, a major growth driver.