Philippines Inflation Hits 7.8% in October, Highest in Three Years
Inflation in the Philippines surged to 7.8% in October, the highest in over three years, driven by rising transport fares, energy costs, and rice prices. The Philippine Statistics Authority reported the consumer price index's fastest pace since February 2023.
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Consumer prices in the Philippines surged by 7.8% year-on-year in October, up from 7.2% in September, primarily driven by higher transport and utility costs. This acceleration is expected to put further strain on household budgets, reaching a projected over three-year high.