Inflation as experienced by the poor eased in October — PSA
MANILA, Philippines — Price increases felt by poor Filipino families continued to ease in October, the Philippine Statistics Authority reported Wednesday.
The impact of inflation on the bottom 30% income households softened to 0.8% last month versus September’s 0.9% and 9.5% recorded a year ago.
The latest reading was the slowest price growth experienced by poor families since the 0.9% registered in November 2015, the PSA said. Year-to-date, inflation felt by poor households averaged 3.5%.
“An annual decline of 0.7% was recorded in the index of fuel, light and water,” the PSA said.
“Moreover, annual increments were slower in the indices of food, beverages and tobacco at 0.6%; and services, 2.8%,” it added.
“Meanwhile, the indices of clothing, housing and repairs, and miscellaneous retained their previous month’s annual rate.”
Headline inflation continued its downtrend in October and decelerated to 0.8%, the slowest since the 0.7% rate recorded in April 2016. Year-to-date, overall price gains averaged 2.6%, settling within the government’s 2%-4% annual target.
According to the PSA, the 0.9% annual drop in heavily-weighted food and non-alcoholic beverages index mainly contributed to the benign inflation in October. Prices of rice — a Filipino main staple — fell for the sixth straight month 9.7% while prices of corn, a popular rice substitute, contracted 3.9%.
Transport costs likewise posted a decline last month by 1.7%. Meanwhile, softer price gains were registered in energy-related items and utility costs.
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