National statistician Dennis Mapa said on Friday that the latest figure is the highest after the 7.8 per cent rate that was recorded during the global financial crisis in December 2008.
The rate is higher than the 6.9 per cent posted in September, but fell within the Philippine central bank's projection of between 7.1 per cent and 7.9 per cent for October. The year-to-date inflation currently averages 5.4 per cent.
Mr Mapa said inflation was mainly driven by higher food costs in the wake of Super Typhoon Noru's devastation in late September, which caused 3.12 billion pesos (S$75.3 million) worth of damage in the agricultural sector.
This story is from the November 05, 2022 edition of The Straits Times.
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This story is from the November 05, 2022 edition of The Straits Times.
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