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Philippine inflation hit 2.3 pct in October

Xinhua, November 4, 2016 Adjust font size:

Philippine inflation hit 2.3 percent in October, similar to the level of last month, much higher than last year's 0.4 percent, Philippine Statistics Authority (PSA) said on Friday.

The recent inflation rate could be attributed to the mixed movement of the annual growths among the commodity goods, PSA said.

"Higher annual mark-ups were noticed in the indices of food and non-alcoholic beverages; clothing and footwear; furnishing, household equipment and routine maintenance of the house; and recreation and culture," it elaborated.

Inflation from January to October averaged at 1.6 percent, well below the government's full year target of 2-4 percent, said Socioeconomic Planning Secretary Ernesto Pernia, who oversees PSA.

He also warned of the risks to inflation, such as the possible rally in oil prices, depreciation of the peso against the U.S. dollar, pending petitions for electricity rate increase, and tropical cyclones.

"A 65 percent chance of La Nina developing in the fourth quarter of 2016 and can last until February 2017," Pernia said. "Given the larger possibility of more frequent and stronger rains, the agriculture sector needs to implement adaptation measures to protect the income of farmers and keep food price inflation at bay."

"We aim to strengthen the agricultural sector though a comprehensive agricultural development program, a major component of the proposed Philippine Development Plan 2017-2022," he added. Endit