Sharply higher rice costs halted a six-month decline in Philippine inflation in August, adding pressure on the central bank to step up vigilance against price risks.
Consumer prices rose 5.3% from a year ago after gaining 4.7% in July, the statistics agency said on Tuesday. While the print was faster-than-expected in a Bloomberg survey, it came within the central bank’s view of between 4.8% and 5.6%.
Rice inflation quickened to 8.7%, marking the sixth consecutive month of increase and the fastest pace since November 2018, the statistics agency said. President Ferdinand Marcos Jr. has capped prices of the staple grain amid higher retail costs and reports of hoarding by traders. Rice makes up around 9% of the nation’s consumer basket.
Read the full story on Bloomberg here.