(Eagle News)–Overall inflation in the Philippines eased to 4.9% in October, slower than the 6.1% reported the month before, the Philippine Statistics Authority reported on Tuesday, Nov. 7.
According to the PSA, with the figure, the national average inflation from January to October 2023 is 6.4 percent.
“The downtrend in the overall inflation in October 2023 was primarily brought about by the slower year-on-year increase in the heavily-weighted food and non-alcoholic beverages at 7.0 percent in October 2023 from 9.7 percent in the previous month,” the PSA said.
It said the restaurants and accommodation services also contributed to the downtrend of the headline inflation, with its inflation rate of 6.3 percent during the month from 7.1 percent in September.
Slower annual increases were also noted in the indices of the following, the PSA said:
- Tobacco and others, 9.3 percent inflation from 9.8 percent
- Furnishings, household equipment and routine household maintenance, 5.3 percent from 5.4 percent
- Health, 4.0 percent from 4.1 percent
- Transport, 1.0 percent from 1.2 percent
- Recreation, sport and culture, 5.0 percent from 5.1 percent
- Personal care, and miscellaneous goods and services, 5.3 percent from 5.4 percent.
The following commodity groups, meanwhile, registered higher inflation rates during the month:
- Clothing and footwear, 4.8 percent from 4.7 percent
- Housing, water, electricity, gas and other fuels, 2.6 percent from 2.4 percent
- Information and communication, 0.8 percent from 0.6 percent
“Education services retained its previous month’s annual increase, while financial services index remained at zero percent annual rate during the month,” the PSA said.
As for food, the PSA said inflation at the national level slowed down to 7.1 percent in October 2023 from 10.0 percent in the month before.
Inflation rate in Metro Manila also decelerated to 4.9 percent in October 2023 from 6.1 percent.
Inflation rate in areas outside Metro Manila, likewise, slowed down to 4.9 percent.
It was 6.0 percent in September 2023.