Increase in prices of basic goods, unstable supply accelerates inflation — PSA

Marje Pelayo   •   September 7, 2021   •   196

MANILA, Philippines — The country’s inflation jumped in August, according to the latest report from the Philippine Statistics Authority (PSA) on Tuesday (September 7).

The agency said the August inflation of 4.9% was higher than what was recorded in July which was at 4.0%, and almost doubled in the same month in 2020 which was at 2.4%.

According to PSA, the recent inflation was due to certain factors that affect the supply of goods in the country.

“May mga areas na naapektuhan dahil sa mga pag-ulan. Pangalawa ang ating issue sa transportation cost higher charges sa delivery,” explained PSA Undersecretary Dennis Mapa who also acts as the agency’s National Statistician and Civil Registrar General.

In terms of agriculture, the price of pork was high due to the impact of African Swine Fever (ASF) on the country’s local hog industry.

The adjustments in the price of fish and vegetables also contributed to the increase in the inflation rate.

Also, utility rates such as electricity and water spiked in the previous months as well as the cost of services.

But according to Mapa, one major factor that caused a spike in inflation was transportation costs especially during the enhanced community quarantine (ECQ) accompanied by a series of oil price hikes.

“Itong ECQ sa transport, nakikita na natin tumataas talaga ang fare rate ng tricycle. In the past months ito talaga ang nag contribute sa mataas na inflation sa transport index natin,” Mapa said.

At present, Agriculture Undersecretary Kristine Evangelista said the price of pork in local markets has already dropped since the supply is gradually improving.

“Maganda po ang supply situation ng ating pork industry ngayon compared to dati. Meron narin po kasing mga naka recover na mga red zones ngayon po ay green zones at derederetso rin po yung repopulation,” she said.

She stressed, however, that prices of basic agricultural products like pork and vegetables are normally high at this time of the year.

Evangelista said the Agriculture department is eyeing an additional importation of round scad or galunggong which is known as the ‘poor man’s fish’ to hopefully stabilize its price. -MNP (with reports from Rey Pelayo

PSA: Inflation eased at 4.6% in October

Maris Federez   •   November 5, 2021

MANILA, Philippines —  The country’s headline inflation decelerated in October 2021, registering decreasing prices of basic goods and services, the Philippine Statistics Authority (PSA) announced Friday, November 5.

The PSA, in its Summary Inflation Report Consumer Price Index report, said the inflation eased further to 4.6 percent in October 2021 from 4.8 percent in September 2021.

It added that this brings the year-to-date inflation from January to October 2021 at 4.5 percent.

Inflation in October 2020 was posted at 2.5 percent.

“The main source of the downward trend of the October 2021 inflation was primarily due to the slower annual increment registered in food and non-alcoholic beverages index at 5.3 percent, from 6.2 percent in September 2021,” the agency said.

“Na-balance siya, nagkaroon tayo ng pagtaas sa petroleum and LPG na nagkaroon ng impact sa transport and component ng Household, Water, Electricity, Gas and other fuels, but the prices of food dropped. Of course, we saw that the meat prices particularly pork bumaba siya,” said Usec. Dennis Mapa, Philippine Statistics Authority head.

Contributing also to the downward trend in the overall inflation were the lower inflation recorded in the indices of the following commodity groups:

  • Alcoholic beverages and tobacco, 9.8 percent;
  • Education, 0.7 percent; and
  • Restaurant and miscellaneous goods and services; 3.8 percent.

On the other hand, inflation rates were higher in the indices of the following commodity groups:

  • Housing, water, electricity, gas, and other fuels, 4.4 percent;
  • Furnishing, household equipment, and routine maintenance of the house, 2.5 percent;
  • Health, 3.2 percent
  • Transport, 7.1 percent; and
  • Recreation and culture, 1.0 percent.

PH unemployment rate rose to 8.9% in September — PSA

Aileen Cerrudo   •   November 4, 2021

MANILA, Philippines—More Filipinos were out of work in September, according to the Philippine Statistics Authority (PSA).

Based on the latest report of PSA, unemployment rate in September rose to 8.9 percent, which translates to about 4.5 million individuals. This is higher compared to 8.1 percent or 3.88 million Filipinos recorded last August.

The labor force participation rate (LFPR) in September slightly dropped to 63.3 percent from 63.6 percent in August 2021.

“The biggest contributor to unemployment in September was the agriculture and forestry sector. That’s why the unemployment rate rose,”said national statistician Claire Dennis Mapa in an online briefing.

Mapa said bad weather and the end of the harvest season led to the unemployment rate for September.

Meanwhile, underemployed rate was estimated at 14.2 percent this September 2021 accounting for 6.18 million underemployed persons out of 43.59 million employed persons. According to the PSA, it is the second lowest reported this year following the 12.3 percent underemployment rate in May 2021. The same underemployment rate of 14.2 percent was reported in June 2021.

Socioeconomic Planning Secretary Karl Chua said better labor outcomes in October can be expected when the country sees the full impact of the implementation of granular lockdowns in NCR. 

“Overall, the economy has generated 1.1 million employment above the pre-pandemic level. This signals the Philippines’ continuing recovery. We look forward to the expansion of the alert level and granular lockdown system to the whole country to recover more jobs and livelihoods,” he said. AAC

 

 

PH inflation eases to 4.8% in September — PSA

Aileen Cerrudo   •   October 5, 2021

MANILA, Philippines—Inflation in the Philippines eased to 4.8% in September from 4.9% recorded in August, the Philippine Statistics Authority (PSA) reported on Tuesday.

The latest headline inflation rate is at the lower end of the Bangko Sentral ng Pilipinas’ (BSP) forecast range of 4.8 to 5.6% for September 2021, according to the National Economic and Development Authority.

The PSA also reported that the slower pace in the overall inflation in September 2021 was mainly due to the lower annual rate of increment in the transport index at 5.2% during the month, from 7.2% in the previous month.

Food inflation decreased to 6.5% in September from 6.9% in August due to slower inflation rates in rice, fish, and meat. Rice inflation recorded zero growth, following the issuance of EO 135. Likewise, fish inflation decelerated to 10.2% from 12.4%.

Socioeconomic Planning Secretary Karl Kendrick T. Chua  said, “The proactive implementation of Executive Order (EO) 133 and 134 have helped stabilize pork prices. The government is continuously accelerating and calibrating its implementation so we can further lower pork prices towards their pre-African Swine Fever level.”

The government adopted EOs 133 and 134 in May 2021 to help increase the supply of pork in the country amid its shortage due to the African Swine Fever (ASF). AAC

 

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