Consumer prices quickened to 4.9 percent last month owing to costlier food items.

The Philippine Statistics Authority reported Tuesday, Sept. 7, that the August inflation rate was the highest recorded since January 2019 and an uptick from 4.0 percent in the previous month.

Moreover, the latest inflation figure accelerated from 2.4 percent in August last year.

“The uptrend in the country’s inflation was mainly brought about by the higher annual increment in the index of the heavily-weighted food and non-alcoholic beverages at 6.5 percent during the month, from 4.9 percent in July 2021,” PSA said.

The Philippines’ average inflation in the first eight-months stood at 4.4 percent, above the government’s target band of 2.0 percent to 4.0 percent.


Source: Manila Bulletin (https://mb.com.ph/2021/09/07/inflation-quickens-to-4-9-in-august/?utm_source=rss&utm_medium=rss&utm_campaign=inflation-quickens-to-4-9-in-august)