Inflation continued its uptrend in October 2022, hitting a 14-year high amid the consistent rise in food, utilities and transport costs, the Philippine Statistics Authority (PSA) reported on Friday. READ:
Inflation — the rate of increase in the prices of consumer goods and services — accelerated to 7.7% from 6.9% in September, PSA chief and National Statistician Claire Dennis Mapa said at a press conference.The 7.7% inflation print last month was the highest in 14 years, when inflation clocked in at 7.8% in December 2008 at the height of the global financial crisis.
“Ang dahilan ng mas mataas na antas ng inflation nitong Oktubre 2022 kaysa noong nakaraang buwan ay ang mas mabilis na pagtaas ng presyo ng Food and Non-Alcoholic Beverages. Ito ay may 9.4% inflation at 80.9% share sa pagtaas ng pangkalahatang inflation sa bansa,” Mapa said. The second commodity group that contributed to the acceleration of October inflation was the Restaurants and Accommodation services index with 5.7% inflation from 4.6% in September and 11.3% share in the overall uptrend.
In particular, Mapa said inflation for electricity quickened to 23.6% from 21.4%, rents also grew to 3.6% from 3.5%, and wood fuel rose to 5.9% from 3.9%. “Our immediate priority is to continue supporting the most vulnerable sectors of the economy, hence, the cash transfers and fuel discounts will continue. This will alleviate the effects of the sustained increase in commodity prices as a result of global headwinds as well as the recent typhoons which damaged our domestic production and disrupted food supply,” said NEDA Secretary Arsenio Balisacan.
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