Philippines: Inflation for poorest households accelerates

• May 22, 2020

MANILA, Philippines — Consumer prices for the country’s poorest households continued to rise in April as families outside Metro Manila felt the pinch, the Philippine Statistics Authority (PSA) said yesterday.

The consumer price index for the bottom 30 percent income households accelerated to 2.9 percent in April from 2.4 percent in March, bringing the year-to-date average to 2.5 percent.

Faster growth of 2.3 percent was seen in the heavily weighted food and non-alcoholic beverages index.

The food index also rose sharply by 2.2 percent in April from one percent in the previous month and in the same month in 2019.

Upticks in the prices of the following food groups were seen in April: flour, cereal preparation, bread, pasta and other bakery products; milk, cheese and eggs; oils and fats; fruits; and vegetables.

Slower price growth was seen for fish while meat prices were stable.

Declines continued to be seen in the indexes of rice, corn, as well as sugar, jam, honey and confectionery.

Also contributing to the uptrend were the higher annual growth rates seen in the indexes of health, communication and restaurant, and miscellaneous goods and services.

Slower growth, meanwhile, were seen in the indexes of the following commodity groups in April: alcoholic beverages and tobacco; clothing and footwear; housing, water, electricity, gas and other fuels; recreation and culture; as well as transportation.

Prices of consumer goods rose faster for the poorest households outside of the National Capital Region at a rate of 2.9 percent in April from 2.4 percent in March.

Gains were seen in the indexes for food and non-alcoholic beverages, health, communication, as well as restaurant and miscellaneous goods and services.

Inflation for the poorest households in Central Visayas was the highest in April at 4.4. percent.

Consumer prices for the bottom income households in the National Capital Region (NCR), meanwhile, rose at a slower pace of 1.7 percent in April from 1.9 percent in March.

The slowdown was attributed to the slower growth in the indexes of housing, water, electricity, gas, and other fuels; communication; food and non-alcoholic beverages; health; as well as recreation and culture.

Source: https://www.philstar.com/business/2020/05/22/2015596/inflation-poorest-households-accelerates