Philippine inflation reaches 7.8% in October

The Philippine Statistics Authority reported annual inflation of 7.8% in October, up from 7.2% in September and the highest rate since February 2023, as transport costs and fuel prices rose. The reading marked a second consecutive monthly acceleration and exceeded the 7.6% median forecast cited in reports, while remaining within the Bangko Sentral ng Pilipinas’ forecast range of 7.1% to 8.1%. October was the eighth consecutive month that inflation exceeded the central bank’s 3% target, according to one report. National Statistician Dennis Mapa said higher transport costs were the main reason inflation increased from September. Transport inflation reached 20.1% in October, compared with 14.6% in September. Gasoline prices rose 51.1%, and fare increases for jeepneys, buses and taxis announced in late September added to transport costs. Rice inflation climbed to 20.7%, its highest level since July 2024, while overall food inflation eased to 6.1% from 6.7% in September. Core inflation, which excludes volatile food and energy prices, increased to 5.4% from 4.8%, indicating that price pressures were also present beyond those categories. The central bank raised its policy rate by 50...