The Philippine inflation rate soared further to 7.7 percent in October 2022, the highest inflation record since 2008, according to the latest report from the Philippine Statistics Authority (PSA) released Friday.
The October headline inflation was above the 6.4 percent recorded in September 2022.
From January to October 2022, PSA data shows that the average inflation rate stood at 5.4 percent, a higher figure compared to the 4.0 percent inflation in October 2021.
The primary commodity group that contributed to the uptrend of the national inflation is food and non-alcoholic beverages at 9.4 percent from 7.4 percent in September.
This was followed by housing, water, electricity, gas, and other fuels at 7.4 percent, and restaurants and accommodation services at 5.7 percent.
The transport sector, on the other hand, had a slower annual increase of 12.5 percent.
Meanwhile, the inflation rate also accelerated further in the National Capital Region (NCR) to 7.7 percent in October from 6.5 in September 2022.
Similarly, food and non-alcoholic beverages at 11.4 percent and restaurants and accommodation services at 8.6 percent contributed to the inflation rate in the NCR.
Likewise, inflation in the Areas Outside National Capital Region (AONCR) rose to 7.6 percent from 7.0 in September 2022.
“The higher inflation in AONCR was brought about by the acceleration in the annual growth of the food and non-alcoholic beverages index at 9.0 percent, from 7.2 percent in September 2022,” PSA said.
The lowest inflation rate was recorded in Region XII - Soccsksargen and Bangsamoro Autonomous Region in Muslim Mindanao (BARMM) at 6.5 percent.
