NATIONAL
Advocates Philippines
Inflation Eases To 4.9% In October 2023
Photo credit: PCO
The Philippines experienced a notable decrease in its headline inflation, dropping to 4.9 percent in October 2023 from 6.1 percent in September 2023.
The data released by the Philippine Statistics Authority (PSA) reveals a positive trend, with the national average inflation from January to October 2023 standing at 6.4 percent, a decline from the 7.7 percent recorded in October 2022.
The decline in overall inflation in October 2023 was primarily due to the slower year-on-year increase in heavily-weighted food and non-alcoholic beverages, which decreased to 7.0 percent from 9.7 percent in the previous month.
Restaurants and accommodation services also contributed to the downtrend, with an inflation rate of 6.3 percent, down from 7.1 percent in September 2023.
The top three commodity groups contributing to the October 2023 overall inflation were food and non-alcoholic beverages (53.7 percent share), restaurants and accommodation services (12.3 percent share), and housing, water, electricity, gas, and other fuels (11.3 percent share).
Food inflation at the national level slowed down to 7.1 percent in October 2023 from 10.0 percent in the previous month. The deceleration was influenced by lower annual growth rates in various food groups, including vegetables, rice, flour, bread, meat, fish, and other seafood.
The deceleration of food inflation in October 2023 was primarily influenced by lower annual growth rates in vegetables, rice, flour, bread, meat, fish, and other seafood.
In contrast, higher growth rates were observed in the indices of milk, other dairy products, and fruits and nuts.
Cereals and cereal products, vegetables, and fish and other seafood were the food groups with the highest contribution to food inflation in October 2023.
Core inflation, which excludes selected food and energy items, decelerated to 5.3 percent in October 2023 from 5.9 percent in the previous month. This mirrors the national trend and indicates a positive economic outlook.
Inflation rates in the National Capital Region (NCR) and Areas Outside NCR (AONCR) both slowed down to 4.9 percent in October 2023. Region II (Cagayan Valley) recorded the lowest inflation rate of 3.4 percent, while Region III (Central Luzon) remained the highest with 6.0 percent inflation.
The data released by the Philippine Statistics Authority (PSA) reveals a positive trend, with the national average inflation from January to October 2023 standing at 6.4 percent, a decline from the 7.7 percent recorded in October 2022.
The decline in overall inflation in October 2023 was primarily due to the slower year-on-year increase in heavily-weighted food and non-alcoholic beverages, which decreased to 7.0 percent from 9.7 percent in the previous month.
Restaurants and accommodation services also contributed to the downtrend, with an inflation rate of 6.3 percent, down from 7.1 percent in September 2023.
The top three commodity groups contributing to the October 2023 overall inflation were food and non-alcoholic beverages (53.7 percent share), restaurants and accommodation services (12.3 percent share), and housing, water, electricity, gas, and other fuels (11.3 percent share).
Food inflation at the national level slowed down to 7.1 percent in October 2023 from 10.0 percent in the previous month. The deceleration was influenced by lower annual growth rates in various food groups, including vegetables, rice, flour, bread, meat, fish, and other seafood.
The deceleration of food inflation in October 2023 was primarily influenced by lower annual growth rates in vegetables, rice, flour, bread, meat, fish, and other seafood.
In contrast, higher growth rates were observed in the indices of milk, other dairy products, and fruits and nuts.
Cereals and cereal products, vegetables, and fish and other seafood were the food groups with the highest contribution to food inflation in October 2023.
Core inflation, which excludes selected food and energy items, decelerated to 5.3 percent in October 2023 from 5.9 percent in the previous month. This mirrors the national trend and indicates a positive economic outlook.
Inflation rates in the National Capital Region (NCR) and Areas Outside NCR (AONCR) both slowed down to 4.9 percent in October 2023. Region II (Cagayan Valley) recorded the lowest inflation rate of 3.4 percent, while Region III (Central Luzon) remained the highest with 6.0 percent inflation.
Nov 7, 2023
