WV inflation slightly drops in October

PNA file photo

The inflation rate in Western Visayas has slightly dropped to 2.5 percent in October from 2.8 percent in September, the Philippine Statistics Authority said Thursday, November 5.

The national headline, on the other hand, has accelerated to 2.5 percent in October from 2.3 percent in September, the PSA said.

The higher overall inflation was primarily brought by the increase in the inflation of the heavily-weighted food and non-alcoholic beverages at 2.1 percent during the month, from 1.5 percent in September, PSA said.

Also, the annual mark-ups were higher in the indices of education at 1.2 percent, and restaurant and miscellaneous goods and services, 2.4 percent.

On the other hand, the slowdown in the inflation was recorded in the indices of alcoholic beverages and tobacco, 11.3 percent; clothing and footwear, 1.7 percent; housing, water, electricity, gas, and other fuels, 0.9 percent; health, 2.7 percent; and transport, 7.9 percent.

The index for recreation and culture was still on a downtrend as its annual rate declined further at -0.6 percent during the month, PSA added.

Among the regions, Bicol remained with the highest inflation in October at 4.1 percent from 4.5 percent, followed by SOCCSKSARGEN with 3.3 percent and CARAGA with 3.1 percent, while Central Visayas posted the lowest inflation during the month with 1.3 percent.

The Bangko Sentral ng Pilipinas (BSP), in a statement, said the higher headline inflation was traced mainly to faster price increases for selected food items.

Meat inflation went up as pork prices increased due to some tightness in supply brought about by the African Swine Fever, while fish inflation also increased as adverse weather conditions limited the supply of fish, BSP said.

The increase was slightly tempered by the slowdown in non-food inflation as year-on-year transport inflation eased in October owing to the rollback in gasoline and diesel prices, and as water rates declined during the month, it added.

The latest inflation outturn remains consistent with the BSP’s prevailing assessment of benign inflation dynamics over the policy horizon, BSP said.*

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