Close  

Inflation among poor households fell to 4-year low of 0.8% in October

By: - Reporter / @bendeveraINQ
/ 10:48 AM November 21, 2019

MANILA, Philippines — Poor families continued to get some relief from high prices as inflation of the items they consume further fell to a four-year low of 0.8 percent year-on-year in October.

A Philippine Statistics Authority (PSA) report Thursday showed that the consumer price index (CPI) for bottom 30-percent income households last month was the lowest since the 0.4 percent posted in October 2015, based on 2000 prices.

ADVERTISEMENT

PSA said the cost of utilities covered by fuel, light, and water index declined 0.7 percent year-on-year last October.

Year-on-year price increases in the food, beverages, and tobacco as well as services indices slowed to 0.6 percent and 2.8 percent, respectively.

FEATURED STORIES

The heavily weighted food-alone index dipped 0.6 percent year-on-year in October, although a slower decline compared with the 0.3 percent recorded last September.

“The annual rate of rice index decreased further by 7.3 percent in October. Likewise, the corn index still registered an annual drop of 0.5 percent during the month,” PSA said.

“Moreover, slower annual mark-ups were observed in the following food groups: cereal preparations, 2.1 percent; dairy products, 1.7 percent; fish, 5.1 percent; meat, 0.4 percent; and miscellaneous foods, 2 percent,” it added.

However, prices of eggs rose 5.2 percent year-on-year while fruits and vegetables saw a 2.9-percent increase.

Economic officials earlier said prices of poultry products such as chicken and eggs had been rising as consumers buy alternatives to pork amid the African swine fever (ASF) scare.

At the end of the first 10 months, inflation among the poorest families averaged 3.5 percent, lower than the 7 percent during the same period last year.

Edited by KGA
ADVERTISEMENT
Read Next
LATEST STORIES
MOST READ
Don't miss out on the latest news and information.
View comments

Subscribe to INQUIRER PLUS to get access to The Philippine Daily Inquirer & other 70+ titles, share up to 5 gadgets, listen to the news, download as early as 4am & share articles on social media. Call 896 6000.

TAGS: Business, consumer price index, economy, Inflation, local news, News, October 2019, Philippine news updates, Philippine statistics authority, Poor
For feedback, complaints, or inquiries, contact us.


© Copyright 1997-2019 INQUIRER.net | All Rights Reserved

We use cookies to ensure you get the best experience on our website. By continuing, you are agreeing to our use of cookies. To find out more, please click this link.