The country’s headline inflation rose to 2.3 percent in October, up from 1.9 percent in September due to higher food prices triggered by typhoons, the Philippine Statistics Authority (PSA) reported on Tuesday.
On Tuesday, the agency noted the uptrend in overall inflation last month was primarily influenced by the faster annual increment in heavily weighted food and non-alcoholic beverages, which stood at 2.9 percent from 1.4 percent in September.
Also contributing to the uptrend were transport costs, with a slower year-on-year decrease of 2.1 percent in October from a 2.4 percent annual drop the previous month, the PSA said.
However, the October 2024 inflation of 2.3 percent was still within the Bangko Sentral ng Pilipinas’ forecast range of 2 percent to 2.8 percent.
“The latest inflation outturn is consistent with the BSP’s assessment that inflation will continue to trend closer to the low end of the target range over the succeeding quarters. This reflects easing supply pressures for key food items, particularly rice,” BSP said.
In the first 10 months, the inflation rate stood at 3.3 percent, well within the government’s target range of 2 percent to 4 percent this year.
“The latest inflation figures confirm that we are on track to keep inflation within target. The government is fully committed to ensuring price stability and protecting Filipino households from undue shocks,” said National Economic and Development Authority (NEDA) Secretary Arsenio Balisacan.
“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,” Balisacan added.
The Philippine Atmospheric, Geophysical, and Astronomical Services Administration forecasts that La Niña will persist until the first quarter of 2025, with two to eight tropical cyclones expected to affect the country until April 2025.
“Our whole-of-government efforts, including intensive monitoring and mitigation of price increases on food and non-food items, are expected to keep inflation within our target range for the next two years, at least,” Finance Secretary Ralph Recto said in a statement.
“The slight uptick in our October inflation rate was mainly caused by temporary factors, such as weather disturbances like Severe Tropical Storm Kristine and Super Typhoon Leon. We are on top of ensuring that the affected communities get the help that they need to recover faster from the recent disasters. In fact, the President has mobilized all agencies to quickly deliver relief, rehab, and assistance,” he added.
