Philippines city of Manila According to the Philippine Statistics Authority, food prices, especially rice, increased more quickly in September, which led to a second month of inflation acceleration.
At a news conference yesterday, National Statistician Dennis Mapa stated that headline inflation—the rate of growth in the average prices of goods and services generally purchased by consumers—was at 6.1 percent in September, which was higher than the 5.3 percent in August.
Malacaang guaranteed the “most vulnerable sectors” of ongoing help in response to the most recent inflation statistic.
The Presidential Communications Office (PCO) issued a statement saying, “The administration of President Ferdinand R. Marcos Jr. gave an assurance on Thursday for its continued support to the most vulnerable sectors while implementing necessary measures to respond to rising prices as inflation inched up in September this year.”
However, compared to September of last year, when inflation was at a 6.9 percent pace, the most recent number is lower.
The September inflation reading is higher than the 5.3 to 6.1 percent range predicted for the month by Bangko Sentral ng Pilipinas (BSP).
Inflation averaged 6.6 percent from January to September, which is still higher than the BSP’s goal range of two to four percent.
Food and non-alcoholic drinks, which accounted for the majority of the increase in overall inflation to 9.7% percent in September from 8.1 percent in August, were highlighted by Mapa as the main culprits.
Because of rice, food inflation increased to 10% in September from 8.2%% the previous month.
The rate of rice inflation soared to 17.9 percent in September, surpassing the previous high of 22.9 percent in March 2009. Despite a price restriction imposed by the government last month of P41 per kilo for normal milled rice and P45 for well-milled rice, it is also faster than the 8.7 percent in August. Price ceilings have been raised by the government.
The higher inflation rates in corn (1.6 percent from 0.9 percent), fruits and nuts (11.6% from 9.6%), and meat (1.3 percent from -0.1 percent in August) were also to blame for the increase in food prices in September.
Transport expenses contributed to the commodity group’s increase in inflation rate from 0.2 percent in August to 1.2 percent in September.
While core inflation, which excludes some food and energy products, slowed down from the previous month’s 6.1 percent to 5.9 percent in September, it was still higher than the five percent print from September of last year.
, of assistance
According to a statement from the National Economic and Development Authority (NEDA), given the most recent inflation results, the government would continue to assist the most vulnerable sectors and put policies in place to address rising costs.
As long as food costs are high, the government is dedicated to helping vulnerable populations who are affected, according to NEDA Secretary Arsenio Balisacan.
The Department of Social Welfare and Development (DSWD) is implementing a food stamp program to alleviate food insecurity and malnutrition among low-income Filipino households as one measure to lessen the effects of rising costs. Beneficiaries of the program receive food credits of P3,000 per month.
According to NEDA, the DSWD would also give P10,000 in cash subsidies to 78,000 farmers who are listed in the Pantawid Pamilyang Pilipino Program. Additionally, P5,000 in financial support would be given to rice producers. Alexis Romero and Delon Porcalla
