(RTTNews) - Consumer prices in the Philippines rose 1.6% on a yearly basis in September, in line with expectations and markedly faster than the 0.7% increase in the preceding month, the National Statistics Office said Thursday.

The rise was driven by a 3.7% increase in the prices of food, beverages and tobacco. The core inflation rate, which excludes food and energy items, slowed to 2.7% in October from 2.8% in September.

In the National Capital Region, consumer prices climbed 1.1% in October compared to the 0.3% fall in the preceding month. In the Areas Outside the National Capital Region, consumer prices grew 1.9%, faster than the 1.1% rise in the previous month.

On a monthly basis, consumer prices increased 0.6% in October, compared to the 0.2% rise in the previous month. Economists were looking for a monthly inflation rate of 0.4%.

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