Tuguegarao City, Cagayan – Prices of basic goods continue to soar as the country has recorded its highest inflation rate in October since 2008, according to the Philippine Statistics Office.
The PSA said the inflation rate in October has spiked to a staggering 7.7%, a figure significantly higher than September’s 6.9%.
PSA Chief Dennis Mapa cited that the average inflation of the year’s first ten months has been dragged to 5.4% due to the latest inflation rate noted.
Mapa added that the recorded inflation is ‘way faster’ than the usual 2-4 percent target.
Back in December of 2008, the highest recorded rate was at 7.8 percent during the peak of the global financial crisis.
The National Economic Development Authority (NEDA) along with related government offices bared that food prices are seen to stay high and may even be worsened due to the flooding and damages of tropical storm Paeng last week.
The PSA also noted that food prices outside NCR have jumped, mostly in vegetables due to recent and successive weather disturbances and disasters.
The government has also underscored to reporters their forecasted increase in inflation rate by this month due to the natural calamities, among other factors. TNF