Severe tropical storm Kristine which caused floods in many parts of the country also pushed up rice and vegetable prices leading to faster inflation in October 2024, according to the Philippine Statistics Authority (PSA). Inflation increased to 2.3 percent in October 2024, faster than the 1.
Vegetable sellers at Calumpit Market in Bulacan arrange their produce for display, anticipating market-goers. Sellers note a nearly 50% increase in vegetable prices due to a lack of supply caused by the recent typhoon impacting the region’s climate.
Inflation increased to 2.3 percent in October 2024, faster than the 1.9 percent posted in September 2024. However, the latest inflation print remained lower than the 4.9 percent inflation rate in October 2024. The data showed food inflation in October 2024 averaged 3 percent in October 2024 from 1.4 percent in the previous month. In October 2023, food inflation was higher at 7.1 percent.
This was followed by vegetables, tubers, plantains, cooking bananas and pulses with a slower year-on-year decline of 9.2 percent during the month from a 15.8 percent annual decrease in September 2024.
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