The Philippines' headline inflation surged in June to a 14-year high of 11.4 percent, from the revised 9.5-percent hike in the previous month, the country's National Statistics Office said on Friday.
Except for the fuel, light and water index, all the commodity groups recorded higher annual inflation rates during the month, the statistics agency said in a statement. Inflation a year ago was 2.3 percent.
Excluding selected food and energy items, core inflation further climbed to 6.6 percent in June from 6.2 percent in May, it added.
The soaring prices of rice nationwide along with the upward adjustments of other food items such as flour, fruits and vegetables pushed the month-on-month inflation rate in the Philippines to 2.3 percent in June from 1.5 percent in May, the agency said.
Tuition fee hikes and the series of upward adjustments in petroleum products also contributed to the up trend, it added.
The country's central bank BSP earlier projected that inflation last month likely rose anywhere between 10.4 percent and 11.2 percent.
The country's inter-agency Development and Budget Coordination Committee is targeting to curb the rise in consumer prices this year at 3 percent to 5 percent. The BSP, on the other hand, is seeking to control inflation at 7 percent to 9 percent.
Source: Xinhua
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