MANILA - Consumer prices rose 3.4 percent in September, accelerating from the previous month and exceeding analysts' expectations, government data released Thursday showed.
Inflation in September was among the fastest this year, matching the 3.4 percent recorded in March and April. The consumer price index rose 3.1 percent in August.
Economists polled by Reuters had predicted a 3.2-percent increase in consumer prices in September, due to higher electricity and transportation costs.
The Bangko Sentral ng Pilipinas's forecast was for a 2.8 to 3.6 percent uptick for the month.
Steadily rising core inflation, which excludes food and fuel prices, might prompt the BSP to raise interest rates by 25 basis points within the year, according to Singapore-based DBS Bank.