RP inflation rate hits 6.8%

RP inflation rate hits 6.8%

MANILA: Consumer prices in the Philippines rose 6.8 percent from a year earlier in August and were likely to follow an upward trend for the rest of the year due to higher oil prices, the government said Monday.

The August rate was 0.2 percentage points above the July rate of 6.6 percent and brought the year to date inflation rate to 4.9 percent.

Economic Planning Secretary Romulo Neri said inflation is expected to "accelerate in the coming months due to high price of oil," which he said has risen by 11.3 percent to 38.55 dollars a barrel on average compared to July.

"We support the position (of the central bank) that monetary tightening is not the appropriate policy response in dealing with the inflationary pressure that is building up due to cost-push factors," Neri said in a written statement. -- AFP