Inflation for poor 1.7 percent in November from 0.8 percent in October

The poor took an inflation jab last November spending on food and utilities that cost them 1.7 percent more.

In a report on Monday (Jan. 6), the Philippine Statistics Authority (PSA) said that inflation for the bottom 30-percent income households rose from the four-year low of 0.8 percent last October.

The higher rate in November last year cut short five straight months of declining inflation rates for the poor since June 2019.

At the end of the first 11 months of 2019, inflation among the poor averaged 3.3 percent, below the 7.1 percent during the same period in 2018.

The PSA said that national food inflation among poor households increased 0.4 percent last November, which was a reversal of the 0.6-percent price decline recorded last October.

The PSA said the following food items saw faster annual price increases that month: fish (6.3 percent), eggs (5.8 percent), fruits and vegetables (4.7 percent), miscellaneous foods (2.3 percent) and meat (0.8 percent).

Corn prices inched up 0.1 percent year-on-year, reversing October’s 0.5-percent decrease.

While prices of dairy products rose 1.6 percent year-on-year in November, it was a slower increase than last October’s, the PSA said.

In the case of rice, prices dropped by 6.3 percent last November, the PSA added.

Fuel, light and water costs also inched up 0.2 percent year-on-year last November, reversing the 0.7-percent decline in October.

In November, prices of food, beverages and tobacco rose 1.6 percent; clothing, 3 percent; housing and repairs, 3.7 percent; and miscellaneous, 2.3 percent.

The cost of services among the bottom 30-percent income households also increased, although at a slower pace of 2.7 percent year-on-year.

Edited by TSB