Philippines Sept inflation hits 6.7% year-year, highest in 9 years

The faster-than-expected inflation rate in September was mainly due to higher prices for food and non-alcoholic beverages

MANILA: Philippine inflation accelerated for the ninth straight month in September, the statistics agency said on Friday, hitting the highest in nearly a decade, although coming in slightly lower than market estimates.

The consumer price index rose 6.7 percent last month from a year earlier, the fastest since February 2009, and but slower than the 6.8 percent forecast in a Reuters poll of economists. It was within the central bank's forecast range of 6.3 percent and 7.1 percent.

The faster-than-expected inflation rate in September was mainly due to higher prices for food and non-alcoholic beverages, the Philippine Statistics Authority said. - Reuters