THE slowdown in the price increases in food, transportation, and restaurants and accommodation brought down inflation in November to 4.1 percent, according to the Philippine Statistics Authority (PSA).
PSA data showed the 4.1 percent figure was slower than the 4.9 percent posted in October 2023 and 8 percent recorded in November 2022.
“With the right interventions in place, including the proper and timely deployment of trade policy, we are confident that we can effectively manage inflation and prevent unnecessary upticks in prices of goods and commodities to safeguard the purchasing power of Filipino families, especially those from the most vulnerable sectors,” National Economic and Development Authority Secretary Arsenio M. Balisacan said.
The data showed the heavily-weighted food and non-alcoholic beverages inflation slowing to 5.7 percent in November 2023 from 7 percent in October 2023.
PSA noted that food inflation at the national level slowed to 5.8 percent in November 2023 from 7.1 percent in the previous month. In November 2022, food inflation was higher at 10.3 percent.
Meanwhile, transport prices slowed to 0.8 percent from 1 percent annual growth in October 2023; and restaurants and accommodation services index at 5.6 percent in November 2023 from 6.3 percent in the previous month.
The PSA also said the country’s inflation rate for the bottom 30 percent income households slowed down to 4.9 percent in November 2023 from 5.3 percent in October 2023.
This brings the average inflation rate from January to November 2023 for this income group to 6.9 percent. In November 2022, inflation rate was posted at 9.2 percent.
The primary driver to the downward trend of the overall inflation for this income group in November 2023 was the lower year-on-year growth in the heavily-weighted food and non-alcoholic beverages at 7.2 percent during the month from 7.6 percent in the previous month.
Also contributed to the downtrend of inflation for this income group were the slower annual increases observed in transport at 0.9 percent in November 2023 from 2.3 percent in the previous month.
Data showed that restaurants and accommodation services slowed to 6 percent annual increase during the period from 6.5 percent annual increment in October 2023.
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