Despite a slight uptick in October, inflation in the Philippines remains within the government’s target range, according to the National Economic and Development Authority (NEDA).
“The latest inflation figures confirm that we are on track to keep inflation within target. The government is fully committed to ensuring price stability and protecting Filipino households from undue shocks,” NEDA secretary Arsenio Balisacan said.
The Philippine Statistics Authority reported on Tuesday, November 5, that inflation rose to 2.3% in October from 1.9% in September. The year-to-date average is 3.3%, comfortably within the target range of 2.0% to 4.0%.
The increase was driven primarily by higher inflation food and non-alcoholic beverages, which rose to 2.9% from 1.4%. Rice inflation surged to 9.6% from 5.7%, with retail prices remaining high year-on-year, though they have eased month-to-month. Meanwhile, meat inflation remained stable at 3.5%, down from 3.7% last month.
“Recent weather disturbances, including Typhoon Kristine, have posed challenges to our food supply and logistics. The government is working relentlessly to keep food available and prices steady, particularly for essential commodities,” Balisacan noted.
He added that the Department of Social Welfare and Development is implementing the Building on Social Protection for Anticipatory Action and Response in Emergencies and Disasters (B-SPARED) program to support affected communities.
“The President has mobilized all of government to ensure relief efforts are comprehensive and delivered on time. In addition, he has directed us to craft a robust solution to build the resilience of families and communities amid the onslaught of severe typhoons,” Balisacan said.