Philippine inflation surges to fresh 9-year high

Average rate of 5% stifles consumption and dims growth outlook

Household spending, the Philippine economy's main driver, has slowed for two quarters in a row.

MIKHAIL FLORES, Nikkei staff writer

October 5, 2018 12:17 JST

MANILA -- Inflation in the Philippines has hit the highest level in nearly a decade, darkening the outlook for household consumption and overall economic growth in the third quarter.

Inflation in the first nine months of 2018 averaged 5%, the Philippine Statistics Authority said on Friday, a full percentage point above the central bank's target range of 2% to 4%. Inflation last month reached 6.7%.