Rate of rise in consumer prices picked up in Sept.By Ronnel W. Domingo |Philippine Daily Inquirer
The increase in consumer prices in Metro Manila quickened to 3.7 percent in September from 3.6 percent in August due to a faster, double-digit rise in the prices of fuels and lubricants, according to the National Statistics Office.
Data from the NSO also indicated upward pressure from two other commodity groups in the eight-group general retail price index for the National Capital Region.
The prices of mineral fuels, lubricants and related materials index jumped to 18.2 percent in September from 17.0 percent in August.
Also, the prices of chemicals went up to 2.4 percent from 2.3 percent, along with manufactured goods, which rose to 2.6 percent from 2.3 percent.
Price hikes for food items and machinery and transport equipment stayed at the previous month’s levels of 4.5 percent and 2.1 percent, respectively.
Prices of raw materials showed no change in September.
On the other hand, the jump in prices was slower for beverages and tobacco (3.1 percent from 3.3 percent) and miscellaneous manufactured items (1.4 percent from 1.5 percent).
In October, the rise in consumer prices throughout the country reached a four-month high of 5.2 percent.
Last week, the DBS Group said upward pressure on Philippine prices started to reflect on inflation numbers, mainly due to rising prices of food following destructive typhoons that damaged crops last September.
The Bangko Sentral ng Pilipinas said last week that the inflation figure for October was within the forecast range of 4.5 percent to 5.4 percent.
BSP Governor Amando M. Tetangco Jr. said inflation would remain manageable over the policy horizon.
“This blip is expected to be one-off due to base effects and the impact of supply disruptions due to weather disturbances,” he explained.