Food inflation rate down to 8%, non-food at 5.5% — Neda

MANILA, Philippines  —National Economic and Development Authority (Neda) Secretary Arsenio Balisacan on Friday said the country’s food inflation rate eased to 8 percent in April from 9.5 percent in March.

Non-food inflation was at 5.5 percent in April, added Balisacan.

In a report to President Ferdinand Marcos Jr, Balisacan  listed the following  food products that registered easing of inflation rates in April compared to March levels:

Vegetables: 10 percent from 20 percent

• Onion: 60.3 percent from  72.8 percent
• Cabbages: 9 percent from 29.2 percent
• Tomatoes: -46.8 percent from -16.3 percent

Fish: 7 percent from 9.9 percent

Eggs and dairy products: 13 percent from  13.6 percent

Meat: 4.2 percent from 4.6 percent

• Chicken: 7.7 percent from 10.3 percent
• Beef: 6.5 percent from 6.5 percent
• Pork: -0.3 percent from -1.3 percent

Balisacan said, however, that the inflation rate for bread and other cereals remained 11.6 percent.

Non-food inflation also eased to 5.5 percent in April 2023 from 6.3 percent in March due to “slower electricity inflation and further deflation in private transport,” said Balisacan.

He noted the following non-food inflation rates as follows, from March to April:

Private transport

• Diesel: -6.0 percent to -20.0 percent
• Gasoline: -7.4 percent to -11.0 percent
• LPG: -5.0 percent to -18.3 percent

Passenger Transport Services: 13.8 percent to 13.3 percent

• Air transport: 35.6 percent to 32.9 percent
• Water transport:  24.7 percent to 0 percent

“Inflation of accommodation and food services increased (8.6 percent from 8.3 percent) owing to stronger demand amid higher tourist arrivals,” Balisacan added.

The Neda Secretary also said restaurants were the top contributors to the April inflation rate, followed by housing rentals, passenger transport and electricity.

Agricultural commodities contributed 1.3 percent, he said.

“Processed food commodities such as sugar and bread and other cereals contributed a total of 0.7 percentage points to total inflation while the month-on-month seasonally adjusted inflation remained at zero in April as food and housing and utilities recorded deflation,” said the Malacañang Palace.

Balisacan said the Philippines’ inflation rate eased to 6.6 percent in April 2023.

However, this is still higher than the inflation rate in April 2022 of 4.9 percent, Balisacan said.

“The 6.6 percent inflation rate was recorded last month as both food and non-food inflation continued to moderate,” he added.

Meanwhile, the inflation rate in the National Capital Region was 7.1 percent in April, decreasing from 7.8 percent in March. Outside of Metro Manila, inflation also fell to 6.5 percent from 7.5 percent in March.

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