Inflation hits 3-month high in September
MANILA - Philippine annual inflation picked up more than expected in September on higher prices of food, non-alcoholic beverages and utilities, the statistics agency said on Friday.
The consumer price index rose 2.7 percent in September from a year earlier, the fastest in three months and picking up from a four-year low hit in August.
The September rate was near the high end of forecasts by the central bank and economists in a Reuters poll.
Despite strong economic growth, inflation has remained under control in the Philippines, helped by stable food prices. That has allowed the central bank to keep its monetary policy supportive of domestic demand.
The central bank has a 3-5 percent inflation target for this year and next.
The central bank has left its benchmark interest rate unchanged since December and the rate on its short-term special deposit account (SDA) facility steady since June. The central bank next meets on Oct. 24 to review policy.