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Philippines: Inflation slows to 4.8% in Sept
Headline inflation eased to a two-month low of 4.8 percent in September from 4.9 percent in August, the Philippine Statistics Authority said.
In a briefing on Tuesday, National Statistician Dennis Mapa said this is higher than the 2.3-percent inflation rate in September last year.
This brings the country’s average inflation from January to September this year to 4.5 percent, which is still above the government’s 2- to 4-percent target.
The slower pace in the overall inflation in September 2021 was mainly due to the lower annual rate of increment in the transport index at 5.2 percent from 7.2 percent in the previous month.
Mapa said this is due to the slower increase in tricycle fare that posted an inflation of 2.7 percent from 9 percent in August; jeepney fare at 1.2 percent from 3.9 percent; and bus fare at 0.9 percent from 2.7 percent.
Annual uptick also slowed down in food and nonalcoholic beverages, 6.2 percent due to the slower increase in the prices of fish, meat, particularly chicken and fruits.
Other indices that posted slower annual upticks include furnishing, household equipment and routine maintenance of the house, 2.4 percent; communication, 0.2 percent; and education, 0.9 percent.
Inflation in the National Capital Region (NCR) also decelerated to 3.5 percent from 3.7 percent in August. In September last year, inflation settled at 2.2 percent.
The slowdown in the inflation for food and nonalcoholic beverages index at 5.2 percent during the month primarily brought down overall inflation in NCR.
For areas outside NCR, inflation remained at 5.2 percent. Last year, it was at 2.4 percent.
Faster annual increases were seen in the indices of alcoholic beverages and tobacco, 10.5 percent; housing, water, electricity, gas and other fuels, 4.3 percent; recreation and culture, 1.2 percent; and restaurant and miscellaneous goods and services, 4.2 percent.
Meanwhile, annual upticks were slower in the indices of food and nonalcoholic beverages at 6.4 percent; transport, 5.5 percent; and education, 1.2 percent.
Inflation for the bottom 30 households, meanwhile, also fell to 5 percent from 5.3 percent in August but still higher than the 2.8 percent recorded last year.
The downtrend was attributed to the slower annual increase of the transport index, food and nonalcoholic beverages, alcoholic beverages and tobacco, education, restaurant and miscellaneous goods and services.
Source: https://www.manilatimes.net/2021/10/06/business/top-business/inflation-slows-to-48-in-sept/1817279