Philippine Inflation Shoots Up

Inflation rate accelerated to a three-month high of 3.1% in August from 2.8% in July, driven by higher prices of food, transport, water, electricity and fuel, the Philippine Statistics Authority said Tuesday, PNA reported. The August print was also faster than the 1.8% consumer price increase a year ago. Data from the PSA showed inflation averaged 3% in the first eight months, the midpoint of the government’s target range of 2% to 4% for the whole year. Economic Planning Secretary Ernesto Pernia said inflation was still expected to remain within the government’s target, despite its acceleration for the second time in a row.