Philippines’ annual inflation reached a nine-year high of 9.6% since reaching the 10.5% level in January 1999.
The National Statistics Office (NSO) said the rise was “primarily triggered by the continuing higher annual price increases in the heavily weighted food, beverages and tobacco index.” The Philippines has been hit hard by a worldwide rise in the price of rice and fuel and when inflation is on the rise, central banks tend to tighten monetary policy to discourage consumer and business spending caused by excess money supply.