Business & Economy

Inflation in Philippines hits 14-year high in October

Manila, Nov 4 (EFE).- Inflation in the Philippines touched 7.7 percent year-on-year for the month of October, the highest since December 2008, the National Statistics Office said on Friday.

The rise in prices of food by 9.8 percent and transportation by about 12.5 percent have been the main drivers of this spiraling inflation, the Office said in a statement.

The organization underlined that prices of food and non-alcoholic beverages rose to 11.4 percent while transportation reached 15.7 percent in Metro Manila, home to 20 percent of a total of the country 110 million population.

The central bank of the Philippines raised interest rates five times since May, taking it from two percent to 4.25 percent, to keep inflation under check amid strong economic growth, estimated at about 6.5 percent by the Asian Development Bank. EFE


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