(Table 9) 2.1 Main Drivers to the Upward Trend of Food Inflation In September 2022, food inflation was lower at 7.7 percent. Food Inflationįood inflation at the national level rose to 10.0 percent in September 2023 from 8.2 percent in the previous month. Housing, water, electricity, gas and other fuels with 8.6 percent share or 0.5 percentage point. Restaurants and accommodation services with 11.4 percent share or 0.7 percentage point and c. Food and non-alcoholic beverages with 61.0 percent share or 3.7 percentage points b. The top three commodity groups contributing to the September 2023 overall inflation were the following: a. (Tables 5 and 6)ġ.2 Main Contributors to the Headline Inflation Restaurant and accommodation services retained its previous month’s annual increase, while financial services remained at zero percent annual rate during the month. Personal care, and miscellaneous goods and services, 5.4 percent from 5.5 percent. Information and communication, 0.6 percent from 0.7 percent and f. Furnishings, household equipment and routine household maintenance, 5.4 percent from 5.6 percent e. Housing, water, electricity, gas and other fuels, 2.4 percent from 2.5 percent d. Clothing and footwear, 4.7 percent from 4.8 percent c. Alcoholic beverages and tobacco, 9.8 percent from 10.1 percent b. In contrast, the following commodity groups showed lower inflation rates during the month: a. Education services, 3.6 percent from 2.9 percent. Recreation, sport and culture, 5.1 percent from 4.9 percent and c. Health with 4.1 percent inflation from 3.9 percent b. In addition, higher annual increases were noted in the indices of the following commodity groups during the month: a. Transport, with inflation rate of 1.2 percent during the month from 0.2 percent in the previous month, also contributed to the uptrend of the headline inflation. The uptrend in the overall inflation in September 2023 was primarily brought about by the higher year-on-year increase in the heavily-weighted food and non-alcoholic beverages at 9.7 percent during the month from 8.1 percent in the previous month. (Figure 1, and Tables A, B, 5, and 14) 1.1 Main Drivers to the Upward Trend of the Headline Inflation

In September 2022, inflation rate was higher at 6.9 percent. This makes the national average inflation from January to September 2023 to remain at 6.6 percent. The Philippines’ headline inflation or overall inflation increased further to 6.1 percent in September 2023 from 5.3 percent in August 2023. Source: Philippine Statistics Authority, Retail Price Survey of Commodities for the Generation of Consumer Price Index *Year-on-year change of CPI for January to September 2023 vs.

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