Inflation hits new 9-year high of 6.4% in August

Inflation hit a new nine-year high of 6.4 percent in August, the government reported Wednesday.

It was the fastest rate of increase in prices of basic goods and services since the 6.6 percent posted in March 2009.

In a press conference, Budget Secretary Benjamin E. Diokno said the government expects the inflation rate to taper off in the fourth quarter.

By next year, inflation is expected to return to within target, Diokno said.


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