Inflation for poor Filipinos at five-year high
The rate of increase in prices of basic commodities among poor families remained at an almost five-year high of 9.5 percent year-on-year in October even as food inflation slightly eased that month, the government reported.
The Philippine Statistics Authority’s Consumer Price Index (CPI) for Bottom 30-Percent Income Households report for October showed that the year-on-year rate matched September’s similar 9.5 percent, the highest since 2014, based on 2000 prices, inquirer.net reported.
The PSA said prices of services, clothing and miscellaneous goods rose 3.5 percent, 2.9 percent and 2.2 percent, respectively, all faster than a month ago.
However, price increases in food, beverages and tobacco slowed to 10.7 percent in October against 10.8 percent in September, while those for fuel, light and water also eased to 9.8 percent from 10 percent, the PSA said.
Also, the food index saw a slightly slower 9.8-percent increase from 9.9 percent in September.
“Relative to their annual rates in the previous month, annual add-ons in October were slower in the indices of corn at 5.6 percent; fruits and vegetables, 14.2 percent, and meat, 7.1 percent,” the PSA explained.
At the end of the first 10 months, inflation for the bottom 30-percent households averaged 7 percent.
Nationwide headline inflation was a lower 6.7 percent year-on-year in October, although the rate was an over nineyear high based on 2012 prices.
Poor families outside Metro Manila experienced a similar 9.5-percent hike in average prices last October, similar to the rate in September.
Poor households in Metro Manila, meanwhile, experienced a slower average price increase of 6.9 percent that month from September’s 8.1 percent.
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