In­fla­tion for poor Filipinos at five-year high

Iran Daily - - Tse & Global Economy -

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.

Turk­ish Lira Euro Bri­tish Pound Aus­tralian Dol­lar Ja­panese 100 Yen Crude Oil Gold Cop­per 0.1885 1.1388 1.2729 0.7202 0.7505 $52.13 $1254.00 $2.74 Chi­nese Yuan UAE Dirham Kuwaiti Di­nar Iraqi Di­nar Saudi Riyal Sil­ver Plat­inum Wheat 0.8870 0.1452 0.2722 3.2890 0.0839 $14.62 $794.20 $531.75

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