Philippines’ inflation rate quickens

Reuters reported that consumer prices in the Philippines rose for a second month in September, increasing the pressure on the central bank to resume raising interest rates.

A double-digit gain in the price of rice drove annual inflation to accelerate by 6.1% last month, its fastest pace in four months, according to data from the Philippine Statistics Authority.

That was higher than August’s 5.3% rate and above the 5.3% forecast in a Reuters poll. The increase will make the central bank’s 2%-4% target for the year harder to reach.

On Thursday, the country’s economic planning agency said it would recommend extending the lowered tariff rates on rice until December 2024, a day after Philippine President Ferdinand Marcos Jr. lifted the cap on rice prices.