DOF: October inflation at 3.5% with higher utilities, fuel prices
Non-food costs have pushed prices of basic goods higher that month.
The Department of Finance gave a 3.5 percent inflation forecast for October, a day before official data is released by the Philippine Statistics Authority.
The forecast will trend higher from the 3.4 percent rate seen in September, and will be the new peak so far this 2017.
Faster price increases in non-food items particularly for electricity rates likely pushed up overall costs, despite a slower increase in the prices of food items amid the harvest season for rice.
Apart from utilities and fuel, alcoholic beverages and tobacco prices may have also increased by 6.7 percent, coming from 6.4 percent the previous month.