PH inflation ballooned to 7.7% in October 

The headline inflation in the Philippines continued its upward trend as it accelerated to 7.7% in October 2022, said Philippine Statistics Agency (PSA).

This is the highest recorded inflation since December 2008. With this month’s inflation, the Philippines’ average inflation rate from January to October 2022 stood at 5.4%.

According to the PSA, the continued uptrend of inflation was primarily due to the higher annual growth rate in the index for food and non-alcoholic beverages at 9.4%, from 7.4% in September 2022. 

On the other hand, slower annual increases were observed in the indices of transport at 12.5% and education services at 3.4%. Meanwhile, information, communication, and financial services retained their previous month’s inflation rates. 

Meanwhile, the National Economic and Development Authority (NEDA) attributed the uptrend in inflation to external pressures, such as the Russia-Ukraine war, China lockdowns, and the lingering effects of recent typhoons that hit the country.

NEDA Director-General Arsenio Balisacan said that their immediate priority is “to continue supporting the most vulnerable sectors of the economy” to alleviate the effects of the high inflation rate.

The NEDA chief also assured the public that the government is closely monitoring the price increases and possible inflation pressures.