MANILA – The country’s inflation rate remained at 6.7 percent from September to October, the Philippine Statistics Authority reported.
This, Malacañang said on Tuesday, is “good news.”
Presidential Spokesman Salvador Panelo said in a Palace media briefing that the latest inflation rate showed that the government’s efforts to avert the rising prices is effective.
“Apparently, the measures undertaken by the government have affected the inflation rate. So we will maintain it,” Panelo stressed.
He added: “We expect the inflation to slow down in the next few months depending on the global conditions.”
To address the nine-year high inflation at 6.4 percent in August, President Rodrigo Duterte signed an administrative order on Sept. 21 and three memoranda to tame the soaring prices of goods and basic commodities.
Administrative Order 13 aims to streamline procedures on the importation of agricultural products.
Memorandum Orders 26, 27, and 28, meanwhile, seek to stabilize prices of basic agricultural commodities at reasonable levels and maintain their sufficient supply in the domestic market.
National Statistician Lisa Grace Bersales on Tuesday said there were mixed movements recorded in annual growth rates among commodity groups.
Higher annual increases were observed in six commodity groups including housing, water, electricity, gas and other fuels, furnishing, household equipment and routine maintenance of the house, and health.
There were also higher increases in transport, recreation and culture, and restaurant and miscellaneous goods and services, Bersales said.
Slower annual price increases were recorded in the indices of food and non-alcoholic beverages at 9.4 percent, and alcoholic beverages and tobacco at 21.6 percent.
The latest figure compares with the 6.7 percent registered in September, the fastest in over nine years since inflation clocked in at 7.2 percent in February 2009.
It also remains the fastest in over nine years since the 7.2 percent in February 2009.
This, however, is faster than the 3.5 percent recorded in October 2017, which was then the fastest in almost three years since the 3.7 percent in November 2014. (With a report from GMA News/PN)
