Inflation accelerates to 2.3% in October 2024

The Philippines’ inflation rate clocked in at 2.3% for the month of October, the Philippine Statistics Authority (PSA) reported on Tuesday. 

During a press conference, National Statistician and PSA chief Undersecretary Claire Dennis Mapa said that inflation —which measures the rate of increase in the prices of goods and services—accelerated further last month.

This was an uptrend from the 1.9% rate in September. 

According to the PSA, the uptrend in the overall inflation last month was primarily influenced by the faster annual increment in the heavily-weighted food and non-alcoholic beverages that clocked in at 2.9% during the month from 1.4% in September 2024.

Further, the transport with a slower year-on-year decrease of 2.1% during the month from a 2.4% annual drop in September 2024 also contributed to the increase in the inflation rate.

The top three commodity groups contributing to the October 2024 overall inflation were the following: Food and non-alcoholic beverages with 46.9% share or 1.1 percentage point; Housing, water, electricity, gas and other fuels with 22.0% share or 0.5 percentage point; and Restaurants and accommodation services with 16.1% share or 0.4 percentage point. 

Food Inflation

The PSA said that the acceleration of food inflation was primarily brought about by the faster inflation rate of rice at 9.6% in October 2024 from 5.7% in the previous month. 

This was followed by vegetables, tubers, plantains, cooking bananas and pulses with a slower year-on-year decline of 9.2% during the month from a 15.8% annual decrease in September 2024.

Moreover, the index of corn also contributed to the uptrend as it recorded a faster annual increase of 9.7% during the month from 6.9% in September 2024.

In contrast, the PSA said the following commodity groups registered lower inflation rates during the month:

          a. Alcoholic beverages and tobacco, 3.0% from 3.1%
          b. Clothing and footwear, 2.7% from 2.9%
          c. Housing, water, electricity, gas and other fuels, 2.4% from 3.3%
          d. Furnishings, household equipment and routine household maintenance, 2.4% from 2.6%
          e. Information and communication, 0.2% from 0.4%
          f.  Recreation, sport and culture, 2.6% from 2.8%
          g. Restaurants and accommodation services, 3.9% from 4.1%
          h. Personal care, and miscellaneous goods and services, 2.8% from 2.9%.

On target

Meanwhile, National Economic and Development Authority Secretary Arsenio Balisacan said the country's inflation rate remains within target despite a slight uptick this month. 
 
"The latest inflation figures confirm that we are on track to keep inflation within target. The government is fully committed to ensuring price stability and protecting Filipino households from undue shocks," Balisacan said in a press release.

Balisacan said the recent weather disturbances, including Severe Tropical Storm Kristine, have posed significant challenges to the food supply and logistics. 

''The government is working relentlessly to keep food available and prices steady, particularly for essential commodities. With targeted support and streamlined food supply chains, we aim to ensure that food is affordable and accessible for Filipino families, especially those most vulnerable to price shocks when disasters hit us," Balisacan said.

—VAL, GMA Integrated News