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Inflation eases amid lower food prices in September

The rate of increase in consumer prices softened anew last month as prices of food products continued to decrease, data from the Philippine Statistics Authority (PSA) showed.

The country’s headline inflation clocked in at 2.3 percent in September, slightly slower compared with 2.4 percent in August, but higher than 0.9 percent in the same month last year.

The September inflation brought the year-to-date average rate at 2.5 percent, well within the government’s target of 2.0 percent to 4.0 percent.

“The downtrend in the overall inflation in September 2020 was mainly caused by the slowdown in the inflation for the heavily-weighted food and non-alcoholic beverages,” PSA said in a statement.

Prices of food items eased 1.5 percent last month from 1.8 percent in August.

By food group, rice and corn inflation decreased -0.6 percent during the month. Likewise, vegetable prices fell further to -2.7 percent.

Slower inflation was also recorded for alcoholic beverages and tobacco at 12.9 percent; clothing and footwear, 1.8 percent; and furnishing, household equipment and routine maintenance of the house, 3.7 percent.

Moreover, the annual rate in the index of recreation and culture dropped further to -0.5 percent during the month.

Meanwhile, inflation increases were higher during the month in housing, water, electricity, gas, and other fuels (1.2 percent); transport (8.3 percent); communication (0.4 percent t); and education (0.9 percent).

Core inflation, which excludes selected food and energy items, meanwhile, inched up to 3.2 percent in September from 3.1 percent in the previous month.


Source: Manila Bulletin (https://mb.com.ph/2020/10/06/inflation-eases-amid-lower-food-prices-in-september/?utm_source=rss&utm_medium=rss&utm_campaign=inflation-eases-amid-lower-food-prices-in-september)

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