November 04, 2021

October Inflation Rose to 5%

  • HOME
  • Blog
  • October Inflation Rose to 5%
  • The rate of increase in prices rose to 5 percent last month, mainly due to further crude oil price hikes in the international market.

    IMAGE from Pexels

    According to the October 2021 issue of the First Metro Investment Corporation (FMIC) and University of Asia and the Pacific (UA&P) joint publication, The Market Call, prices of West Texas Intermediate (WTI) averaged at USD 71.65 per barrel last September while price of Brent crude registered an average of USD 74.49 per barrel during the same period.

    However, it said this was not reflected in the September 2021 domestic inflation rate because local oil companies adjust their prices with an average of two-week lag.

    “The big impact will show in October, when prices continue to spiral,” it added.

    Citing government data, the report said transport prices decelerated to 5.2 percent year-on-year last September from the previous month’s 7.2 percent despite the about 80-percent expansion in crude oil prices.

    The rate of price increases last September eased to 4.8 percent from month-ago’s 4.9 percent, which is the highest since January 2019.

    Average inflation to date stood at 4.5 percent, above the government’s 2 percent to 4 percent target rate.

    Monetary authorities expect inflation to decline within target level by December.


    Source: Philippine News Agency

     

               
               
    You might also like...
    MOTHER’S DAY 2024: Best Restaurants & Hotels in the Metro to Celebrate with Mom
    May 09, 2024
    #FriendshipGoals: Billboard Featuring Barkada’s Road Trip Plans Trends Online
    April 29, 2024
    Yana Sonoda Joins Miss Supranational Japan Competition 2024
    May 06, 2024
    That Mysterious Billboard and Those Always-Postponed Summer Road Trip Plans
    April 24, 2024
    Yana Sonoda Meets K-Pop Star Cha Eun-woo in Manila Concert!
    April 05, 2024