Metro Manila— Inflation sped to 6.9% in September from 6.3% in August with food and energy costs mainly driving the increase in commodity prices, the Philippine Statistics Authority (PSA) said Wednesday.
The recent rate is faster than the 4.2% print logged in the same month last year and falls within the 6.6-7.4% range seen by the Bangko Sentral ng Pilipinas (BSP) for September.
Year-to-date inflation now stands at 5.1%, still above the central bank’s 2-4% target band for 2022.
The BSP said the increase in electricity rates and prices of key food items, along with the peso’s weak performance, may have driven inflation in September.
