World Bank2022-10-192022-10-192022-10https://hdl.handle.net/10986/38183Headline inflation accelerated in September driven by higher food and energy prices. In addition, core inflation remained elevated, indicating continuing price pressures and strong domestic demand. Robust domestic activity, amid declining COVID-19 cases, contributed to double-digit and broad-based growth of goods imports. Meanwhile, factory output accelerated in August, but goods exports contracted for the second consecutive month amid lingering weakness among main trading partners. Although the unemployment rate remained low in August, underemployment worsened.enCC BY 3.0 IGOINFLATIONFOOD PRICEENERGY PRICEDOMESTIC ECONOMIC ACTIVITYUNDEREMPLOYMENTEMPLOYMENT RATEPhilippines Monthly Economic DevelopmentsBriefWorld BankOctober 202210.1596/38183