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THE Philippines’ inflation rate went up to 2.3 percent in October from 1.9 percent in September 2024, bringing the year-to-date average inflation to 3.3.
In a statement, the National Economic and Development Authority (Neda) said the country’s year-to-date inflation remains within the government’s target range of 2.0 to 4.0 percent, despite a slight uptick in the October inflation.
The Neda said increase in the October 2024 inflation was primarily driven by the spike in food and non-alcoholic beverage inflation, which rose to 2.9 percent from 1.4 percent during the month prior.
It also noted the acceleration in the rice inflation from 5.7 percent to 9.6 percent, which is attributed to the retail prices remaining elevated relative to the same period last year, while prices have been easing month-on-month.
The agency said, however, that meat inflation remained stable, as pork prices registered lower inflation, from 3.7 percent to 3.5.
It noted the intensified vaccination program of the Department of Agriculture against African swine fever to include commercial farms and swine herds under the Integrated National Swine Production Initiatives for Recovery and Expansion (Inspire) Program.
As of October 18, the number of infected zones has declined to 505 from 534 on October 2.
“Recent weather disturbances, including Typhoon Kristine, have posed significant challenges to our food supply and logistics. The government is working relentlessly to keep food available and prices steady, particularly for essential commodities. With targeted support and streamlined food supply chains, we aim to ensure that food is affordable and accessible for Filipino families, especially those most vulnerable to price shocks when disasters hit us,” Neda Secretary Arsenio Balisacan said.
The inflation, which is the rate of increase in prices over a given period of time, is also affected by the La Niña phenomenon, which according to the Philippine Atmospheric, Geophysical, and Astronomical Services Administration, will persist until the first quarter of 2025.
Balisacan assured government efforts to mitigate the impact of natural disasters and provide social safety nets and capacity-building measures to support affected communities.
“The President has mobilized all of the government to ensure relief efforts are comprehensive and delivered on time. In addition, he has directed us to craft a robust solution to build the resilience of families and communities amid the onslaught of severe typhoons,” he added. (TPM/SunStar Philippines)