The headline inflation rate in the Philippines continued its uptrend as it moved up further to 7.7 percent in October 2022, from 6.9 percent in September 2022. This is the highest recorded inflation since December 2008. With this month’s inflation, the Philippines’ average inflation rate from January to October 2022 stood at 5.4 percent. In October 2021, inflation rate was observed at 4.0 percent.
The continued uptrend of the October 2022 inflation was primarily due to the higher annual growth rate in the index for food and non-alcoholic beverages at 9.4 percent, from 7.4 percent in September 2022. Higher annual increments in the indices of the following commodity groups also contributed to the uptrend of the overall inflation in October 2022:
a. Alcoholic beverages and tobacco, 10.4 percent;
b. Clothing and footwear, 3.1 percent;
c. Housing, water, electricity, gas and other fuels, 7.4 percent;
d. Furnishings, household equipment and routine household maintenance, 3.8 percent;
e. Health, 2.6 percent;
f. Recreation, sport and culture, 3.0 percent;
g. Restaurants and accommodation services, 5.7 percent; and
h. Personal care, and miscellaneous goods and services, 3.7 percent.
On the other hand, slower annual increases were observed in the indices of transport at 12.5 percent; and education services at 3.4 percent.
Meanwhile, information and communication, and financial services retained their previous month’s inflation rates.
Inflation rate hits 7.7 percent in October 2022 – PSA
Core inflation, which excludes selected food and energy items in the headline inflation, rose to 5.9 percent in October 2022, from 5.0 percent in September 2022. In October 2021, core inflation stood at 2.5 percent.
Inflation for food at the national level increased further to 9.8 percent in October 2022, from 7.7 percent in September 2022. In October 2021, food inflation was lower at 4.0 percent.
The increased inflation for vegetables, tubers, plantains, cooking bananas and pulses at 16.0 percent; and meat and other parts of slaughtered land animals at 11.5 percent predominantly influenced the higher food inflation in October 2022. (Table 13)
Faster annual growth rates were also observed in all remaining food groups:
a. Rice, 2.5 percent;
b. Corn, 27.4 percent;
c. Flour, bread and other bakery products, pasta products, and other cereals, 9.8 percent;
d. Fish and other seafood, 9.4 percent;
e. Milk, other dairy products and eggs, 8.7 percent;
f. Oils and fats, 20.4 percent;
g. Fruits and nuts, 4.9 percent;
h. Sugar, confectionery and desserts, 34.4 percent; and
i. Ready-made food and other food products not elsewhere classified (n.e.c), 8.1 percent.
Visit our Facebook page for more news updates.