Inflation declined in October: NEDA

·Contributor
·2 min read
FILE PHOTO: A butcher chops pork at a wet market in Manila May 5, 2011. Philippine annual inflation was higher than expected in April, cementing expectations the central bank will raise rates for the second meeting in a row later on Thursday to keep consumer prices in check. (Source: REUTERS/Romeo Ranoco)
FILE PHOTO: A butcher chops pork at a wet market in Manila May 5, 2011. Philippine annual inflation was higher than expected in April, cementing expectations the central bank will raise rates for the second meeting in a row later on Thursday to keep consumer prices in check. (Source: REUTERS/Romeo Ranoco)

Last month's inflation rate was close to the lower end of the government's prediction, thanks to a slower rise in food costs, according to the National Economic and Development Authority (NEDA).

The Bangko Sentral ng Pilipinas had predicted that prices would rise by 4.5 percent to 5.3 percent in October, and the Philippine Statistics Authority's data revealed that prices rose by 4.6 percent.

Compared to September's 4.8 percent, October's inflation rate is slower, but it's still faster than the 2.5 percent reported in the same month last year.

According to the most recent data, inflation from January to October averaged 4.5 percent, which is still higher than the government's target range of between 2.0% to 4.0%.

After excluding some food and energy products, core inflation rose to 3.4% in October, compared to the previous month's 3.3% rate.

There has been a further slowdown in food inflation to 5.6 percent from the 6.5 percent rate in September, stated Socioeconomic Planning Secretary Karl Kendrick T. Chua in an official statement.

Vegetable inflation dropped 16.2% to 11.4%. Fishery inflation slowed to 9.5% in October, down from 10.2% in September 2021. In October, rice inflation was only 0.5 percent, which is a modest and steady rate.

Last month's meat inflation rate dropped from 15.6 percent to 11.9 percent.

Since the peak of the ASF in 2020, pork prices have fallen by an average of 4.1 percent every month.

The Department of Agriculture released Memorandum Circular No. 23, Series of 2021 on October 25 in an effort to further reduce pork prices to pre-ASF levels.

“One of the government’s highest priorities amid the mobility restrictions is to ensure stable access to affordable food. The temporary importation of pork has worked in the National Capital Region,” Socioeconomic Planning Secretary Karl Kendrick T. Chua said

“We need to leverage this momentum to allow unhampered supply to the wet markets and to all the regions,” he added.

Ana Catalina Paje is a development journalist passionate about grassroots communication geared towards genuine social change. She also writes about showbiz, lifestyle, and all things Pinoy pride. The views expressed are her own.

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