Malacañang believes downhill inflation to continue until end of year

Maris Federez   •   August 6, 2019   •   850

The country’s inflation rate in July has gone down to 2.4%, according to the latest Philippine Statistics Authority (PSA) report.

This is lower compared with the 2.7% inflation rate in June and 5.8% in July of last year.

This is also the lowest since January of 2017, which was in the forecast of the Bangko Sentral ng Pilipinas (BSP) to be in between 2 and 2.8%.

According to National Statistician Claire Dennis Mapa, a price reduction of food and non-alcoholic beverages; decrease in housing, water, electricity, gas, and other petroleum products rates; and decrease in transport rate contributed to the slowing down of the country’s inflation.

Across regions, Region 7 recorded the lowest inflation so far with 1.1 %, while Mimaropa registered the highest with 4.9%, which was attributed to the high expense in transportation.

Meanwhile, the Bangko Sentral ng Pilipinas (BSP) is confident that the slowing down of the country’s inflation will continue for the rest of the year, and will achieve its target range of 3% for the whole year and on to the next.

In its statement released on Tuesday (August 6), the BSP said, “the inflation rate of 2.4 percent for July 2019 is consistent with the BSP’s prevailing assessment that inflation will continue to decelerate in Q3 2019 before firmly settling within the target range of 3.0 percent ± 1.0 percentage point for 2019 and 2020.”

Malacañang shares the agency’s confidence.

Presidential spokesperson Atty. Salvador Panelo said, “this is indicative of the hard work and strong political will of the President and our economic managers in reining in on the soaring prices of basic goods and services.”

“Filipino consumers can rest assured that the Duterte Administration will continue to work tirelessly in implementing macro-economic policies which will have a positive impact that can be felt by our nation,” Panelo added. (with details from Harlene Delgado) /mbmf

PH posted steady inflation rate at 4.5% in April — PSA

Robie de Guzman   •   May 5, 2021

MANILA, Philippines — The country’s headline inflation stayed at 4.5 percent in April due to slower movements in the prices of commodities, the Philippine Statistics Authority (PSA) said Wednesday.

PSA chief and national statistician Claire Dennis Mapa said last month’s figure is the same annual growth rate recorded in March but quicker than 2.2 percent registered in April 2020.

Mapa said the figure brought the average inflation at the national level from January to April 2021 to 4.5 percent, still within the forecast range of 4.2 to 5.0 percent of the Bangko Sentral ng Pilipinas (BSP).

“The latest outturn is consistent with expectations that inflation would remain elevated this year, owing to supply-side pressures, before settling close to the midpoint of the target range in 2022,” BSP Governor Benjamin Diokno said in a statement.

The PSA said that varied annual growth rates in the indices of the commodity groups were observed in April 2021.

Annual increases were higher in the indices of the following commodity groups in April 2021:
• Housing, water, electricity, gas, and other fuels with 1.5 percent
• Furnishing, household equipment, and routine maintenance of the house with 2.1 percent
• Health with 3.1 percent
• Transport with 17.9 percent
• Communication, 0.3 percent
• Restaurant and miscellaneous goods and services, 3.4 percent

On the other hand, inflation slowed down in the indices of food and non-alcoholic beverages at 4.8 percent; and alcoholic beverages and tobacco at 12.0 percent, the PSA said.

The rest of the commodity groups retained their respective previous month’s annual growth rates, it added.

The PSA also said that annual rates went down in the indices of rice and vegetables at -0.3 percent and -2.6 percent, respectively.

Moreover, annual hikes slowed down in the indices of other cereals, flour, cereal preparation, bread, pasta and other bakery products at 1.8 percent; milk, cheese, and egg, 1.4 percent; fruits, 0.3 percent; and food products not elsewhere classified, 0.5 percent.

However, annual rates picked up further in the indices of corn at 3.1 percent; meat, 22.1 percent; and fish, 6.0 percent.

The indices of oils and fats; and sugar, jam, honey, chocolate, and confectionery moved at their corresponding previous month’s annual growth rates of 3.9 percent and 0.3 percent, the PSA added.

Marriage stats down by 50% in 2020 – PSA

Marje Pelayo   •   April 23, 2021

MANILA, Philippines — The Philippine Statistics Authority (PSA) reported that the number of marriages in the country dropped by 50 percent since the start of the COVID-19 pandemic.

Based on records, the number of marriages registered in PSA last year was only 217,336 as compared to the number of registered marriages in 2019 which is 431,972.

The top five cities with the most number of marriages include Quezon City (8,956); Manila (5,356); Caloocan City (3,416); Davao (2,018); Cagayan de Oro (2,007).

Meanwhile, the provinces with the highest number of marriages registered in 2020 include Cavite (8,101); Pangasinan (7,853); Batangas (7,611); Bulacan (6,903); and Cebu (6,567).

PH inflation eased to 4.5% in March — PSA

Robie de Guzman   •   April 6, 2021

MANILA, Philippines — Inflation or rate of increase in the prices of goods and services slightly slowed down in March due to slower price movement of food and non-alcoholic beverages, data released Tuesday by the Philippine Statistics Authority (PSA) showed.

The PSA said the consumer price index was recorded at 4.5% in March, slightly slower than 4.7% registered in February. However, this is still faster than the 2.5% in March 2020.

March inflation brought the year-to-date inflation at 4.5%, still within the 4.2% to 5% forecast range of the Bangko Sentral ng Pilipinas (BSP), the agency said.

“The slowdown in inflation at the national level was primarily due to the lower annual increment registered in the heavily-weighted food and non-alcoholic beverages at 5.8 percent in March 2021, from 6.7 percent inflation in February 2021,” the PSA said in a statement.

Core inflation, which excludes selected food and energy items, stood at 3.5%. This was unchanged from the rate recorded in the previous month, but faster than the 3% recorded in March last year.

The PSA also noted deceleration in the annual increases in the indices of alcoholic beverages and tobacco (12.1 percent); furnishing, household equipment and routine maintenance of the house (1.9 percent); communication (0.2 percent); and restaurant and miscellaneous goods and services (3.1 percent).

“The latest outturn is consistent with expectations that inflation could settle above the high-end of the target in 2021, reflecting the impact of supply-side constraints on domestic prices of key food commodities, such as meat, as well as the continuing uptick in international oil prices,” the BSP said in a statement.

“Nevertheless, inflation is still seen to return to within the target band in 2022 as supply-side influences subside. At the same time, timely and effective implementation of direct measures by the national government could contribute to easing price pressures,” it added.

The central bank also said that a tighter domestic supply of meat products and improved global economic activity could lend further upward pressures on inflation.

However, the ongoing pandemic also continues to pose downside risks to the inflation outlook, as the recent surge in virus infections and challenges over mass vaccination programs continue to temper prospects for domestic demand, it added.

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