RP August inflation inches up to 4.0%

The country's annual inflation rate in Aug inched up to 4.0 percent but remained within estimates of the Bangko Sentral ng Pilipinas (BSP). The year-on-year headline inflation rate in the Philippines moved up slightly to 4.0 percent in August from 3.9 percent in July, according to data released by the National Statistics Office (NSO) Tuesday. The NSO pointed out that he slight increase resulted from the higher annual growth rates recorded in the indexes of food, beverages and tobacco (FBT), clothing, fuel, light and water (FLW) and miscellaneous items. Inflation a year ago was 0.1 percent. Excluding selected food and energy items, core inflation advanced to 4.2 percent in August from 3.9 percent in July. The NSO said price hikes in selected food items such as vegetables, eggs, fish, sugar and cooking oil in many regions including NCR pushed up the country’s month-on-month inflation rate by 0.2 percent in August. Increased charges in electricity rates in NCR and in some regions were noted during the month. The annual rate of price adjustment in the National Capital Region (NCR) was also higher at 4.5 percent in August from 4.1 percent in July due to the acceleration in the inflation rates of FBT and FLW index. Annual inflation rate in Areas Outside the National Capital Region (AONCR) in August remained at its July figure of 3.8 percent. Higher annual price increments in FBT and clothing index were offsetted by the slower annual price add-ons in the indexes of H&R, FLW and services. -- OMG, GMANews.TV