Philippine inflation hits more than three-year high of 7.8% in October

[MANILA] Philippine annual inflation accelerated to 7.8 per cent in October from 7.2 per cent in September, the statistics agency said on Thursday.

Economists in a Reuters poll had expected annual inflation of 7.6 per cent last month.

The October reading, the highest level since February 2023, was within the central bank’s forecast range of 7.1 per cent to 8.1 per cent.

The statistics agency said the pace of increase was mainly due to higher transport costs.

The annual core inflation rate, which strips out volatile food and energy prices, was 5.4 per cent in October, compared to 4.8 per cent seen in the poll. REUTERS