Rise in food, non-food prices hike inflation rate in September
Increases in food and non-food prices spurred the inflation rate in September to rise from 1.8 percent to 2.3 percent, the National Economic and Development Authority (NEDA) on Thursday. The inflation rate is the highest since March 2015.
“The increase in inflation can be attributed to the decline in production since August and the low base effect for non-food items,” said NEDA officer-in-charge Rosemarie Edillon.
The September inflation is within the forecast of the Bangko Sentral ng Philippines (BSP) of 1.6-2.4 percent.
Food inflation went up to 3.1 percent in September 2016 from 2.5 percent in the previous month due to adverse effects from tropical cyclones, NEDA said.
Rice prices will remain steady as a 250,000 metric ton of rice from Thailand and the Philippines is expected to arrive by the end of October.
“We must keep on strengthening the agricultural sector through a comprehensive agricultural development program that aims to increase the resiliency of the sector and create a balance in agricultural policy,” said Edillon, NEDA deputy director-general.
“This is a major component of the proposed Philippine Development Plan 2017-2022,” she added.
Non-food inflation increased to 1.5 percent from 1.1 percent in the previous month. This is due increase in prices of major non-food items such as housing, water, electricity, gas and other fuels, and transport. DMS
