MANILA, Philippines –Inflation accelerated to 1.5 percent in August from 0.9 percent in July. This was driven by higher food costs, particularly vegetables, after heavy monsoon rains.
READ: Inflation cools to 0.9% as rice prices drop
The latest readout was higher than the 1.2-percent median estimate of 15 economists polled by Inquirer last week.
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But it was within the central bank’s forecast range of 1 to 1.8 percent.
READ: DTI issues new SRP; 77 items hike prices
Overall, consumer price gains in August settled below the official 2-to-4-percent target range for a sixth straight month. This is a stretch of subdued price gains that could shape the central bank’s next policy moves. /rwd
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