JUST IN. The Philippines posted an inflation rate of 7.7% in October, as a confluence of global shocks and gaps in domestic policies trigger a consumer crisis.
MANILA, Philippines – The Philippines posted an inflation rate of 7.7% in October, as a confluence of global shocks and gaps in domestic policies trigger a consumer crisis.
The latest figure tops the 6.9% posted last September, well above the average of around 4% since the start of the new millennium, and nearly double the government’s current target range of 2% to 4%., which estimated the rate falling between 7.1% and 7.9%. Socioeconomic Planning Secretary Arsenio Balisacan earlier tweeted that “continuing global headwinds and recent typhoons damaging domestic production and disrupting supply” would push inflation up.
Inflation is among President Ferdinand Marcos Jr.’s stickiest economic issues, with a Pulse Asia survey showingWhile inflation has hit most countries, have repeatedly emphasized that Marcos could take various steps to address it, including shifts in import policies or addressing domestic supply constraints.
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