NextGen Day

The National Economic and Development Authority (NEDA) said that the Philippines had its lowest monthly inflation rate for 2021, which was January.

The Philippine Statistics Authority (PSA) said on Wednesday that the headline rate of inflation fell to 3.6% in December from 4.2% in November 2021.

It was mostly due to lower food prices, which dropped from 4.1% to 3.2% in December, down from 4.1% in November.

There was a big drop in the prices of vegetables and fish, for example. Vegetable prices dropped by 10% from -1.8%, and fish prices dropped by 7% from 7.9% in the same period.

However, meat prices went up a little in December, from 10.7% in November 2021 to 11.3 percent in December. This was mostly because pork prices went up from 17.3% to 17.9%.

With the National Capital Region (NCR) and the nearby provinces of Cavite, Rizal, and Bulacan now on Alert Level 3, it is important to make sure that food prices stay low and that goods and services keep coming. To keep meat prices down, especially pork, the government is working to increase the amount of meat available in the country and make sure that cold storage is emptying their stocks on a regular basis. Karl Kendrick Chua, the secretary of socioeconomic planning, said this in a statement.

There will be more use of the pork minimum access volume (MAV), as well as lower tariffs under Executive Orders (EOs) 133 and 134. Chua said that pork imports would help meet local supply needs.

At the end of December, only about 46% or 60,000 MT out of 130,000 MT of the MAV plus with import certificates had been used.

It’s important to have a steady supply of pork this year, so the NEDA wants to keep EO 133 in effect until December 2022.

There should be more pork from outside the NCR, Chua said. Meat is one of the top three causes of inflation in 14 out 16 regions outside the NCR in December 2021.

In December, the rate of inflation for non-food items also dropped from 4.1% to 3.7%, down from 4.1% in November.

This was mostly due to slower transportation inflation, which dropped from 8.8% to 6.1%. The drop in international crude oil prices meant that local prices of petroleum products fell as well.

“The appearance of new variants has shown us that the Covid-19 virus will not go away quickly.” As we put in place more strict rules to stop the spread of the Omicron variant, we have learned how to manage the risks and live with the virus. People should get vaccinated, get booster shots, and keep to the minimum public health standards in 2022, Chua said. “We want everyone to play a part in the recovery,” she said.

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