Expensive vegetable, rice, and transport costs pushed up the country's headline inflation rate to 5.3 percent in August 2023, according to the Philippine Statistics Authority (PSA). On Tuesday, National Statistician Claire Dennis S. Mapa said vegetable inflation reached 31.9 percent; rice, 8.7 percent; and transportation, 0.2 percent. The latest inflation…
Vegetable vendors wait for customers at Balintawak public market in Quezon City. Expensive vegetable, rice, and transport costs pushed up the country’s headline inflation rate to 5.3 percent in August 2023, according to the Philippine Statistics Authority .
The latest inflation print is within the forecast of the Bangko Sentral ng Pilipinas of 4.8 to 5.6 percent Based on the data, this brings the national average inflation from January to August 2023 to 6.6 percent. In August 2022, inflation rate was higher at 6.3 percent. PSA said food shared 53.9 percent or 2.9 percentage points to the overall inflation in August 2023. The highest contributors are Cereals and cereal products, which includes rice, corn, flour, bread and other bakery products, with 35 percent share or 2.9 percentage points.
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