PHL inflation accelerates at 5.2% in Oct.

Consumer prices in October accelerated at the fastest pace owing to "higher annual increments in food and non-alcoholic beverages, alcoholic beverages and tobacco, and housing, water, electricity, gas and other fuels indices," the National Statistics Office said Friday. In its monthly report, the NSO said inflation accelerated by 5.2 percent last month from 4.8 percent in September. This was the fastest inflation rate in the country so far for the year. In June, Philippine inflation was also recorded at 5.2 percent. Using 2000 as the base year, inflation last month was 5.3 percent. Month-on-month inflation rose 0.3 percent, the agency said. “Price hikes in the heavily weighted food items such as fish, fruits, vegetables and selected spices and seasonings were observed in Luzon and Visayas. It brought about a 0.3 percent growth in prices of consumer items at the national level. Price gains in alcoholic beverages, cigarettes and selected items for personal care in many regions including NCR were also noted during the month," the NSO said. In the 10 months to October, the average inflation was 4.8 percent compared to the 3 percent to 5 percent target of the Bangko Sentral ng Pilipinas for the year. — CMA/VS, GMA News