The Philippines’ inflation rate eased to 4.9% in October, defying market expectations of 5.1%-5.9%, the Philippine Statistics Authority (PSA) reported on Tuesday. The PSA attributed the decline to the slower year-on-year increase in food and non-alcoholic beverages, and restaurant and accommodation services.
Food inflation also dropped last month to 7.1% from September’s 10%, driven by vegetables and rice. However, clothing and footwear, housing, water, electricity, gas and other fuels, and information and communication posted higher inflation.
National Statistician Dennis Mapa said 15 regions outside Metro Manila booked lower inflation last month. He also noted that the recent jeepney fare hike was offset by the slower price movements in other transportation segments, such as fuel, taxi, and bus fares.
Mapa said that while he expects inflation to continue to decline in the last two months of 2023, it is uncertain whether it will reach the Bangko Sentral ng Pilipinas’ 2%-4% target.
Source: PhilNews24 | November 7, 2023
