Headline inflation further eased in September at 1.9%, the lowest on record since the 1.6% recorded in May 2020, bringing year-to-date inflation to 3.4%, which is well within the government's 2 to 4% target, the Philippine Statistics Authority (PSA) said Friday.
In comparison, headline inflation was 3.3% in August and 6.1% in September last year.
National Statistician Dennis Mapa said the downtrend in overall inflation was due to the slower annual increase in food and non-alcoholic beverages, which was 1.4% from 3.9% in August. Food inflation, in particular, eased to 1.4% in September from 4.2% the previous month.
Mapa said the deceleration in food inflation was due to the slower inflation rate of rice, which was 5.7% from 14.7% in August. Other contributors to the lower food inflation include the faster decline in the inflation of vegetables, tubers, cooked bananas, and pulses. Lower inflation rates were also reported for corn, flour, bread and other bakery products, meat and other parts of slaughtered land animals, ready-made food, and other food products.
In a separate statement, the National Economic and Development Authority (NEDA) assured the public that the government remains committed to stabilizing commodity prices.
"The continued slowdown in inflation is expected to boost consumer confidence, driving higher spending and consumption, and fueling business expansion," said NEDA Secretary Arsenio Balisacan.
"Additionally, easing food prices will relieve low-income households, enabling them to allocate more to other essential needs such as education and health. We will sustain the momentum as we assure the public that we will continue to pursue and carry out strategies to maintain stable prices of food and other commodities," he added.
Balisacan said President Ferdinand R. Marcos Jr.'s Executive Order, which reduced the rice tariffs to 15%, helped bring down rice prices.
"While we expect lower tariffs to reduce rice prices, we should continuously support local production through increased agricultural funding to complement this short-term measure," Balisacan said.
The NEDA chief assured the public that the government is ready to address other inflationary pressures affecting food, such as the continuing prevalence of African swine fever (ASF), through the delivery of vaccines.
Following the successful rollout of the ASF vaccine in Lobo, Batangas, Balisacan said the Department of Agriculture is set to expand vaccination efforts to La Union, Quezon, Mindoro, North Cotabato, Sultan Kudarat, and Cebu.
Balisacan said the signing of the Anti-Agricultural Economic Sabotage Act, which aims to eradicate hoarding, anti-competitive practices, and other illegal activities, will ensure access to affordable food.
"With the passage of this law, we protect our farmers and, at the same time, ensure that every Filipino has access to affordable food, which is vital in protecting the most vulnerable members of society while we work toward achieving inclusive economic progress," Balisacan said.
He added that the government is bracing for the impact of La Niña, which, according to PAGASA, started in September and is expected to persist until the first quarter of 2025.
Balisacan noted that the government's strategies against La Niña include improvements in early warning systems, utilization of communication systems to issue warnings upon dam openings, addressing the possible spread of diseases to livestock or people, and greater involvement of local government units in information dissemination.
"We want Filipinos, particularly vulnerable families, to be shielded from various shocks and continue to have access to affordable goods in the coming months as we protect the gains we have made and sustain our economic progress," said Balisacan.
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