The Philippines saw its inflation rate increase to 2.3 percent in October, up from 1.9 percent in September, largely due to rising food prices, including essential items like rice and vegetables, as reported by the Philippine Statistics Authority (PSA).
PSA Chief Dennis Mapa noted that inflation for food and non-alcoholic beverages climbed to 2.9 percent in October, a notable jump from 1.4 percent in September. “Rice inflation alone surged to 9.6 percent from the previous month’s 5.7 percent,” Mapa said during a press briefing.
Transport costs also contributed to the inflationary trend, with a smaller year-on-year decline of 2.1 percent in October compared to a 2.4-percent drop in September.
The latest data brings the national average inflation for January to October 2024 to 3.3 percent, a dip from 4.9 percent recorded in October of the previous year. Core inflation, excluding volatile food and energy items, remained stable at 2.4 percent this October, a slowdown from 5.3 percent in October 2023.
According to National Economic and Development Authority Secretary Arsenio Balisacan, Typhoon Trami recently exacerbated food supply and logistics issues, impacting essential goods. “With targeted support and streamlined food supply chains, we aim to ensure that food is affordable and accessible for Filipino families, especially those most vulnerable to price shocks when disasters hit us,” Balisacan emphasized, highlighting the government’s focus on stabilizing food prices amidst recent challenges.
