Prices of meat, fish push October inflation to 2.5%

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THE country’s inflation rate accelerated to 2.5 percent in October 2020, from 2.3 percent in September 2020, the Philippine Statistics Authority (PSA) announced Thursday, Nov. 5, 2020.

In October 2019, inflation was at 0.8 percent.

The PSA said year-to-date inflation for 2020 was at 2.5 percent.

Higher overall inflation was primarily brought about by the increase in the inflation of the heavily-weighted food and non-alcoholic beverages at 2.1 percent during the month, from 1.5 percent in September 2020.

Likewise, annual mark-ups were higher in education at 1.2 percent, and restaurant and miscellaneous goods and services, 2.4 percent.

On the other hand, slowdowns in the inflation were recorded in alcoholic beverages and tobacco (11.3 percent), clothing and footwear (1.7 percent), housing, water, electricity, gas and other fuels (0.9 percent), health (2.7 percent) and transport (7.9 percent).

Meat, fish prices up

Inflation for food at the national level moved up at a faster pace of 2.1 percent during the month after five consecutive months of deceleration.

In September 2020, inflation for food was registered at 1.5 percent, and in October 2019, it dropped at -1.3 percent.

Higher inflation in the country’s food index was mainly caused by the jump in the inflation of the meat index at 4.7 percent during the month, from 2.9 percent in September 2020.

Annual rates of increments were also higher in the indices of fish, and oils and fats at 3.7 percent and 2.5 percent, respectively.

Inflation in the National Capital Region (NCR) went up to 2.5 percent in October 2020, from 2.2 percent in September 2020 while inflation in areas outside the NCR (AONCR) picked up by 2.5 percent during the month.

Compared with their annual growth rates in September 2020, seven regions in AONCR recorded higher inflation during the month.

Bicol Region still had the highest inflation in October 2020 at 4.1 percent, while Central Visayas exhibited the lowest inflation at 1.3

percent. / KOC