November 28, 2022

HEADLINE inflation accelerated to 7.7 percent in October, the Philippine Statistics Authority (PSA) reported on Friday, up from 6.9 percent in the previous month and the highest since December in 2008.

It was higher than the 7.3 percent median in a Juan Kabayan poll of analysts and was near the upper end of the Bangko Sentral ng Pilipinas’ 7.1-7.9 percent estimate for the month.

“The continued upward trend of the October 2022 inflation report was primarily due to the higher annual growth rate in the index for food and non-alcoholic beverages at 9.4 percent, from 7.4 percent in September 2022,” the PSA said in a statement.

The result underlined BSP chief Felipe Medalla’s preemptive announcement of a 75 basis point increase in key interest rates on November 17. It also indicated the likelihood of further tightening in December up to 2023 although the BSP has said that the rise in consumer prices likely peaked last month.

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