The Philippine Statistics Authority reported that the inflation rate for the month of October has reached an all time high with 7.7%.
Inflation refers to the rate of price increase in basic consumer goods and services. The inflation for October is higher compared to the 6.9% in September.
PSA chief and National Statistician Claire Dennis Mapa said that the inflation rate was highest since 2008 where in it reached 7.8% in December of that year.
PSA data show meat, fish, and vegetable inflation remained elevated in October, and accelerated from September levels. Vegetable prices were a problem.
Inflation in National Capital Region also hit 7.7%. Food, restaurants, and transport were the main reasons for this.
PSA data show the Davao region had the highest inflation rate in the Philippines in October. BARMM and Soccsksargen had the lowest.
“Our immediate priority is to continue supporting the most vulnerable sectors of the economy, hence, the cash transfers and fuel discounts will continue,” Socio-planning Secretary Arsenio Balisacan said in a statement.
