Inflation Still Rising Although It Remains Steady Over Previous Months
Inflation was still escalating and continued to be a problem in the country although it remained steady for the past few months.
The inflation rate remained stagnant over the past few months amid mixed price movement shared by commodity groups.
In October 2018, the inflation pointed at 6.7 percent remaining unchanged from the September’s level, which is the fastest pace in nearly a decade.
The government is targeting a 2.4 percent band but the inflation rate shoots up and averaged to 5.1 percent.
The Bangko Sentral ng Pilipinas (BSP) recorded 6.2-7 percent forecast range on their latest inflation print for the month of October.
The food and non-alcoholic beverages dropped to 9.4 percent in the annual increments while the tobacco and alcoholic beverages clocked at 21.6 percent.
BSP Governor Nestor Espenilla, Jr. said that inflation decreased although it remains soaring last month.
“The Monetary Board will take into account these and other incoming data including GDP (gross domestic product) at its next policy meeting when it determines if there’s still need for further policy rate adjustments,” Espenilla said quoted by Philstar.
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