PSA: Inflation as felt by poor Filipinos eases to 46-month low of 0.9%
The rate of increase in the prices of commodities purchased by poor Filipinos further slowed to 0.9 percent in September, marking a 46-month low as food prices and cost of utilities declined year-on-year.
Latest Philippine Statistics Authority (PSA) data showed the consumer price index (CPI) for the bottom 30-percent income households last month was the lowest since the 0.9 percent registered in November 2015.
Inflation among poor households outside Metro Manila last September was also 0.9 percent year-on-year. In Metro Manila, a deflation of 0.6 percent was recorded, hitting the second straight month that average prices declined.
As of end-September, the average inflation rate among poor families averaged 3.8 percent, down from 6.7 percent during the nine-month period last year.
In September and October last year, the CPI among the bottom 30-percent income households hit a record high 9.5 percent.
“The downtrend [posted in September this year] was primarily due to the 0.4-percent annual decline in fuel, light and water index. Contributing also to the downtrend were the slower annual increases recorded in the indices of food, beverages and tobacco at 0.7 percent; housing and repairs, 3.5 percent; services, 3 percent; and miscellaneous, 2.2 percent,” the PSA said in a report.
In particular, the heavily weighted food index declined 0.3 percent year-on-year in September, reversing the 1.8-percent and 9.9-percent increases registered a month ago and a year ago, respectively, according to the PSA.
Last month, rice prices dropped 6.2 percent year-on-year, while corn prices eased by 0.9 percent, the PSA said.
“All the other food groups except eggs, exhibited slower annual increments during the month,” the PSA added.
The CPI for the bottom 30-percent income households was based on 2000 prices, while the PSA had already adjusted the national headline inflation rate with the year 2012 as base.
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