A double-digit gain in the price of rice drove annual inflation to accelerate by 6.1% last month, its fastest pace in four months, according to data from the Philippine Statistics Authority released on Thursday.
The country's economic planning agency on Thursday said it would recommend extending the lowered tariff rates on rice until December 2024, a day after Philippine President Ferdinand Marcos Jr lifted the cap on rice prices.
Rice inflation quickened by 17.9% in September, the fastest in over 14 years, the statistics authority said, helping fuel the 10.0% food inflation rate for the month.
September's faster-than-expected inflation could convince the Bangko Sentral ng Pilipinas (BSP) to resume hiking rates after it left its benchmark rate (PHCBIR=ECI) steady at its last two meetings.
Last month's inflation print brought year-to-date average inflation to 6.6%.
Persons:
Lisa Marie David, Ferdinand Marcos Jr, Marcos, September's, Nicholas Mapa, Neil Jerome Morales, Mikhail Flores, Karen Lema, Martin Petty
Organizations:
REUTERS, Philippine Statistics Authority, Philippine, ng Pilipinas, ING, Christian, Thomson
Locations:
Manila, Philippines, MANILA