Photo for illustrative purposes only. SUPPLIED

In October, the Philippines' inflation rate skyrocketed to 7.7% from 6.95 in September. On Friday (November 4), National Statistician Dennis Mapa stated that the 7.7% recorded in October 2022 is the highest since December 2008, when the world underwent a financial crisis. The latest figure exceeds the 6.9% recorded in September of last year. It is also significantly higher than the 4% average since the start of the millennium and nearly doubles the high end of the government's current target range of 2% to 4%. Due to external pricing pressures, such as Russia's invasion of Ukraine, interrupted global supply chains, and the lingering effects of recent storms, the inflation rate for food and non-alcoholic beverages increased to 9.4% in October from 7.4% in September. BKM/ Expat Media
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