Consumer prices continued to move at a slower pace
Consumer prices continued to move at a slower pace, posting 2.8 percent in October from 3.5 percent the previous month, data from the National Statistics Office (NS) show.
NSO the lower inflation to the deceleration in the prices of food, beverages and tobacco (FBT), fuel, light and water (FLW) and miscellaneous items index.
Inflation a year ago was 1.6 percent.
The inflation rate in October was within the Bangko Sentral ng Pilipinas (BSP) projection of between 2.6 percent and 3.5 percent.
From January to October, inflation rate stood at 4 percent, still within the government’s target of 3.5 percent to 5.5 percent this year.
Excluding selected food and energy items, core inflation decelerated to 3.3 percent in October from 3.8 percent in September.
The NSO added that the overall annual inflation for food alone further slowed to 2 percent in October from 3.3 percent in September.
A negative annual rate of price movement was noted in the fruits and vegetables index at -7.5 percent in October from 0.6 percent in September.
Moreover, the annual price increment in the rice index slid to 1.4 percent in October from 1.5 percent in September; corn, 0.5 percent from 1.2 percent; cereal preparations, 2.9 percent from 3.1 percent; eggs, 3.1 percent from 3.4 percent; meat, 2.4 percent from 3.8 percent; and miscellaneous foods, 7.1 percent from 7.3 percent.
The annual price hike in dairy products index remained at 1.6 percent and fish, 2 percent.
Prices in the National Capital Region (NCR) eased to 2.2 percent in October from 3.5 percent in September as a negative annual rate was posted in the heavily weighted FBT index.
“Slower annual price gains in clothing, FLW and miscellaneous items index also contributed to the downtrend,” NSO said.
In addition, the annual inflation rate in Areas Outside the National Capital Region (AONCR) further slowed down to 2.9 percent in October from 3.5 percent in September.