Philippine inflation increased to 5.3% in August, after a period of decline over the past six months.
This means that the prices of goods and services went up by an average of 5.3% compared to the previous year. The inflation rate for the year so far is 6.6%.
These numbers align with the expectations of the central bank, which predicted an inflation rate between 4.8% and 5.6%.
The increase in inflation was mainly driven by higher prices of food and non-alcoholic beverages, particularly cereals, vegetables, and fish.
Additionally, transportation costs also saw a slight increase in August after a decrease in July.
Source: PhilNews24 | September 5, 2023
