NextGen Day

The Philippine Statistics Authority (PSA) stated Tuesday that the rate of increase in consumer prices fell for the third month in a row in November.

Last month, the rate of inflation fell to 4.2 percent from 4.6 percent in October.

“The reduction in inflation for the heavily-weighted food and non-alcoholic drinks index, which slipped to 3.9 percent during the month from 5.3 percent in October 2021, was principally responsible for the decline in total inflation.” Furthermore, lesser inflation was reported in the indices of alcoholic beverages and tobacco (7.5%) and furnishing, domestic equipment, and routine house maintenance (2.4%), according to the PSA.

Housing, water, electricity, gas, and other fuels rose at a quicker rate of 4.6 percent last month, while transportation inflation increased by 8.8 percent.

Meat and pork inflation, on the other hand, increased by 2.4 percent and 4.2 percent, respectively, month over month.

According to the NEDA, slow importation and release of pork inventory, combined with increased demand due to the upcoming Christmas season, pushed up the average pork price last month.

“From July to early October, pork prices were consistently down month over month. This indicates that our policy of temporarily importing pork was successful. However, the increase in prices in November indicates that we need to ease administrative requirements for stock unloading and distribution to encourage more importation and help return pork prices to pre-African swine fever levels,” said Karl Kendrick Chua, Socioeconomic Planning Secretary, and NEDA Director-General.

Meanwhile, the average inflation rate over the last 11 months was 4.5 percent, much over the government’s target range of 2 to 4%.

In a separate statement, the Bangko Sentral ng Pilipinas (BSP) expressed confidence that average inflation will fall within the government’s target over the next two years as supply-side pressures ease.

“Inflation risks are on the rise in 2022, but stay largely balanced in 2023,” says the report. The potential impact of weather disruptions on the prices of key food items, petitions for transportation fare hikes, and the possibility of a prolonged recovery of domestic pork supply is the main upside risks. Strong global demand, combined with supply-chain bottlenecks, could push international commodity prices even higher, according to the BSP.

Possible delays in lifting domestic containment measures, as well as the emergence of new virus variants, could dampen global and local demand prospects and temper inflationary pressures, according to the central bank.

“Looking ahead, the BSP is prepared to maintain its accommodative monetary policy stance in order to support the economy’s recovery while also guarding against any emerging risks to its price and financial stability objectives,” it said.

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