THE government released data on Tuesday that showed a slower pace of increase in consumer prices in October.
From 6.1% in September, inflation slid to 4.9% in October, bringing the year-to-date average to 6.4%, which remains above the government’s target of 2-4% for 2023.
The slowdown was mainly attributed to a lower food inflation rate of 7.1% in October compared to 10.0% in September.
Specifically, inflation of the following commodities decelerated: rice (13.2% from 17.9%), vegetables (11.9% from 29.6%), fish (5.6% from 6.1%), bread and other cereals (7.4% from 8.1%), sugar (4.9% from 9.0%), and meat (0.8% from 1.3%).
“Rice inflation slowed down following the onset of peak harvest and import arrivals. The stable supply of vegetables as harvest season came likewise resulted in a slower inflation rate of the commodity,” National Economic and Development Authority Secretary Arsenio Balisacan said in a statement.
“As inflation eases, it is crucial to continue monitoring the prices of commodities, particularly food, transportation, and energy, amid global challenges such as geopolitical uncertainties and El Niño,” he added.
Balisacan said the country is experiencing moderate El Niño, which is expected to cause below-normal rainfall across the country and may adversely impact agriculture production and energy generation.
”[I]t is important to ensure that the most vulnerable sectors of society are protected and provided assistance, especially while food prices remain high and we expect El Niño to affect local and global food production,” he said.
