Q3 inflation highest for the year at 6.2%

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FILE PHOTO. The rise in prices of widely-used goods will likely be at its fastest pace in August or September, a central bank official said.

Metro Manila (CNN Philippines, October 19) — Prices this year were highest in the third quarter, according to the Bangko Sentral ng Pilipinas (BSP), averaging at 6.2 percent from 4.8 percent in the second quarter.

This is the average of the July inflation at 5.7 percent, August at 6.4 inflation, and the latest nine-year high of 6.7 percent in September.

The central bank in a media briefing Friday food, bad weather and rising world oil prices triggered the higher inflation in July to September.

It said food items such as fish, rice, vegetables and meat accounted for a third of the 6.2 percent inflation for the period.

BSP added the year-to-date inflation is at 5 percent, which is above the government's target of 2 to 4 percent, but within the revised forecast of 4.8 to 5.2 percent.

"BSP continues to support the non-monetary measures intervention of the national government to further mitigate the impact of supply-side factors and consumer prices," it said.

Economic managers earlier said inflation will peak in the third quarter of the year, adding that they are expecting it to taper off in the fourth quarter.