Business News

Storms push Philippine inflation to 1.6 per cent in October

Nov 5, 2009, 5:26 GMT

Manila - Inflation in the Philippines rose to 1.6 per cent in October due to higher food prices following devastating storms that wreaked havoc on agriculture, the government said Thursday. The National Statistics Office said the inflation rate in October was higher than the 0.7 per cent recorded in September. Inflation a year ago was 11.2 per cent. 'The devastation caused by typhoon Parma in the northern part of Luzon limited the volume of vegetable deliveries in the market thereby pushing up their prices,' the statistics office said. 'Higher prices of fruits and pork were also noted in selected regions, including the capital,' it added. The statistics office said inflation for food alone climbed to 3.8 per cent in October from 2.1 per cent in September. October's inflation rate brought to 3.2 per cent the average inflation in the country for the first 10 months of the year. Philippine government economists have projected the national inflation rate to average between 2.5 per cent and 4.5 per cent for the whole of 2009.

Business News

Storms push Philippine inflation to 1.6 per cent in October

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