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October inflation rate likely slowed to 6.5%

The Department of Finance said inflation in October likely slowed to 6.5 percent from 6.7 percent in September due to more stable food prices for the month.

Finance Undersecretary Gil Beltran said in an economic bulletin released over the weekend month-on-month inflation in October might have slumped to 0.05 percent from 0.8 percent in September. 

READ: Inflation still at 9-year high

“Year-on-year price change in October 2018 may have eased to 6.5 percent, down from the 6.7 percent price increase the prior month,” Beltran said.

“This development comes as food prices start to stabilize: Rice harvest season starts, rice imports by NFA and the private sector have started to come in and the vegetable industry has partly recovered from the prior month’s severe weather disturbances,” Beltran said.

He said other administrative streamlining measures signed by President Rodrigo Duterte to boost food supply were under way.  

Beltran said the month-on-month decrease in the electricity rates helped temper the rise in fuel prices.

Topics: Department of Finance , DoF , inflation rate
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