October inflation rises to 2.9%

MANILA, Philippines - Prices of goods and services in the country inched up to 2.9 percent in October from the 2.7 percent posted in September, the National Statistics Office (NSO) reported on Tuesday.

"The uptrend was due to higher annual increases in the heavily weighted food and non-alcoholic beverages index and clothing and footwear index," NSO said.

Inflation a year ago was at 3.2 percent.

Inflation in the National Capital Region stayed at 1.1 percent, while areas outside the capital posted a faster inflation rate of 3.4 percent from the 3.1 percent registered in the previous month.

"The annual rate of increment in the heavily weighted food index in the Philippines was faster at 3.2 percent in October from 2.5 percent in September and clothing index, 3 percent from 2.9 percent, NSO said.

However, slower inflation was recorded in the indices of alcoholic beverages and tobacco; housing, water, electricity, gas and other fuels; furnishing, household equipment and routine maintenance of the house; health; and transport. Prices of the rest of the commodity groups remained at their last month’s rate, NSO added.