MANILA, Philippines — The government said on Thursday that the rate of inflation in April…
Inflation increased to 7.7% in October.
The Philippines’ inflation rate jumped further in October, rising to 7.7 percent from 6.9 percent in September, according to the Philippine Statistics Authority (PSA).
Since December 2008, it had the highest inflation rate.
The PSA did note that the rate of price growth for goods and services for the previous month stayed within the range of 7.1 to 7.9 percent predicted by the central bank.
According to PSA, the higher annual growth rate in the index for food and non-alcoholic beverages—which increased from 7.4 percent in September 2022 to 9.4 percent in October 2022—was the main reason for the inflation’s sustained upward trend.
From January through October of this year, inflation averaged 5.4 percent.
The Russia-Ukraine war, Chinese supply chain disruptions due to lockdowns, recent typhoons like Karding that battered the country in late September, and other external factors are all blamed by the National Economic and Development Authority (NEDA) for the inflation trend’s uptick.
“Continued support for the economy’s most vulnerable sectors is our top priority right now, therefore the cash transfers and fuel subsidies will stay in place. The recent typhoons that destroyed our domestic production and interrupted the food supply as well as the effects of the sustained rise in commodity prices will be lessened as a result, according to Socioeconomic Planning Secretary and NEDA Director General Arsenio Balisacan.
The government’s medium-term goal, according to Balisacan, includes investing in climate-smart agriculture technologies that will strengthen the nation’s agricultural industry’s resistance to disasters like extreme weather.
“It’s time to increase support for the agricultural industry, not just for post-disaster recovery but also, and maybe more crucially, for preventative measures. Climate-adaptive agricultural technologies should be used, and value chains should be enhanced, to maintain production and resilience. The President’s creation of the Department of Water Resources, which will regulate the availability and use of water as well as reduce the likelihood of disasters brought on by water, is another of his top legislative priorities, he continued.
The head of NEDA also gave the populace the assurance that the government is closely watching the price hikes and potential inflationary pressures.
According to Balisacan, “We continue to prioritize and proactively handle these concerns by facilitating prompt imports to supplement domestic food production while enhancing family, community, and economic resilience.
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