Philippine inflation rate up

Philippine inflation rate up

MANILA (DPA): The Philippines' inflation rate inched up to 5.7 percent in September 1999 as consumers began to feel the pinch of oil price hikes, the National Statistics Office (NSO) said Tuesday.

The office attributed the higher rate to the rise in the prices of fuel, light, and water, as well as to the increase in the cost of food, beverages, and tobacco.

The September inflation rate was slightly higher than the 5.5 percent recorded in August. The figure brought the average inflation rate for the first three quarters to 7.4 percent, still below the government's target of 8.5 percent for the whole year.