Philippines’ Inflation Rate as of October 2022 Posted!
INFLATION RATE – The Philippine Statistics Authority (PSA) revealed the rate of the increase in the prices of goods and services in the country as of October 2022.
Undeniably, Filipinos are now struggling to cope with the high prices of goods and services in the country. Prices of goods and commodities have kept on increasing for more than a year now due to various factors.
Oil is one of the products which has an unstable cost for several months now. There were instances this year when fuel hit at least P85 per liter due to the global oil crisis. The recent series of rollbacks in fuel costs has greatly helped a lot of people.
However, the inflation rate in the Philippines remains high. To note, it refers to the rate of the increase on the costs of goods and services in the country.
Based on a report on GMA News, the inflation rate in the Philippines climbed from 6.9% in September 2022 to 7.7% this October. The digits were posted by Philippine Statistics Authority (PSA) chief and National Statistician Claire Dennis Mapa.
When compared to the rate in the same month in 2021, the current 7.7% rate remains faster than last year’s 4%. It is the highest rate in 14 years. In December 2008, the country recorded 7.8% rate amid the global financial crisis.
Based on the report, the inflation rate for October also settled within the range expected by Bangko Sentral ng Pilipinas (BSP). The Central Bank set between 7.1% to 7.9%. According to Mapa, the huge contributors to the high rate includes the faster increase in the costs of food products including vegetables, cooking bananas, and tubers.
Aside from the increase on the costs of food products, the Restaurants and Accommodation services index also rose as restaurants, cafes, and the likes implement higher prices of the foods they serve.
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