NextGen Day

According to a report released Wednesday by the Philippine Statistics Authority (PSA), the consumer price index (CPI) increased 6.9 percent in September of this year, primarily due to rapid food inflation.

Head of the PSA and national statistician Undersecretary Dennis Mapa stated at a news conference that last month’s headline inflation rate was greater than August 2022’s 6.3 percent rate and September 2021’s 4.2 percent CPI.

With last month’s report, the annualized average inflation rate from January to September was 5.1%.

According to Mapa, last month’s inflation rate was higher in nine of the 13 commodity groups. Food and non-alcoholic beverages, housing, water, electricity, gas, and other fuels, as well as transportation, were the main causes of the price rises that occurred faster.

According to him, the inflation rate for food and non-alcoholic beverages increased from 6.3 percent in August 2022 to 7.4 percent in September.

The increase in food prices made up 40.8 percent of last month’s overall inflation.

The price growth rate for sugar, confectionery, and desserts increased from 26 percent in August to 30.2 percent in September, notwithstanding the problems with sugar in the preceding months.

Inflation rates for fish and other seafood increased to 9.1% in September from 7.2% in August, while prices for vegetables, tubers, and other items increased by 3.5% in September after declining by 2.7% in August.

With a contribution to the upward trend of almost 22.8 percent, the housing, water, electricity, gas, and other fuels subgroup is the second largest contributor to September’s inflation.

With the electricity rate rising to 21.4 percent in September from 19.1 percent in August, this subgroup’s inflation rate jumped to 7.3 percent last month from 6.8 percent in August.

Transport costs were the third main factor in greater inflation in September, with an inflation rate of 14.5 percent, and they were responsible for 19.1 percent of the quicker rate of price rises.

Alcoholic beverages and tobacco, which had an inflation rate of 9.8% in the previous month, clothing and footwear, which had a rate of 2.9%, furnishings, equipment, and routine household maintenance, which had a rate of 3.5%, information and communication, which had a rate of 0.5%, leisure, sport, and culture, which had a rate of 2.7%, restaurants and lodging services, which had a rate of 4.6%, and miscellaneous goods and services, which had a rate of

Greater price growth outside of NCR

While national inflation in the National Capital Region (NCR) was 6.5 percent last month, price increases in regions outside the NCR (AONCR) were greater than both, at 7 percent.

15 geographic areas The AONCR reported greater inflation in September, with the Zamboanga Peninsula and Davao Region reporting the fastest price rises, at 9.6 percent.

It was stated that while the price of rice increased by 0.8 percent in August but decreased to 0.2 percent in September in the NCR, the price of rice increased by 2.8 percent in September in the AONCR.

Higher inflation risks continue.

The effects of Super Typhoon Karding, which destroyed agricultural products, the authorized fare increase in public transportation, the impact of peso depreciation on pump prices that has a knock-on effect on food and transportation costs, and the anticipated higher demand during the “ber” months, according to Mapa, all contribute to the risk of faster price increases throughout the year.

“Food group will be the risk of future inflation,” he said. In reality, lowering inflation would include lowering food inflation.

Although the tendency is upward, he continued, some elements might help to restrain inflation in the upcoming months.

According to Mapa, the nation’s inflation rate peaked at 7.2 percent in 2009.

The national CPI reached its highest point during the global financial crisis in August 2008, he claimed, at 10.5%.

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