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

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.

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.

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