Inflation remains 'on target'

HEADLINE inflation rose to 3.1 percent year-on-year in August from 2.8 percent in July in line with BSP staff forecast.

The slightly higher August headline inflation was driven mainly by higher prices of non-food commodities, particularly upward adjustments in electricity rates due to the increase in generation and transmission charges, higher prices of domestic petroleum products, and increase in air passenger and sea fares.

At the same time, food inflation went up as prices of fish, corn, and vegetables increased due to some tightness in domestic supply caused by adverse weather conditions during the month. (PR)
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