MANILA, Philippines – The country’s inflation rate accelerated in August 2021 to 4.9 percent, the state statistics bureau said on Tuesday.
The latest print, which was the fastest since December 2018, settled at the upper-end of the Bangko Sentral ng Pilipinas’ forecast range of 4.1-4.9% for the month. It marked another month that inflation breached the government’s 2-4% annual target after briefly returning within that zone in July.
According to the Philippine Statistics Authority, the reason behind the accelerated inflation this August 2021 is due to the increase in price of food and non-alcoholic beverages which accounts for 77.4% share of the total increase of the inflation rate of the country.
Earlier this month the BSP said inflation may remain elevated in the short term before settling within the government target of 2 to 4 percent.
Inflation in 2021 could average 4.1 percent, higher than the previous forecast of 4 percent, the BSP has said in a virtual briefing.