PH inflation eases to 4.8% in September — PSA

Aileen Cerrudo   •   October 5, 2021   •   247

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

 

Phl inflation slows down in November — PSA

Maris Federez   •   December 7, 2021

MANILA, Philippines — The inflation rate in the country slowed down in November, the Philippine Statistics Authority reported Tuesday (December 7).

The PSA said the country’s inflation “continued to exhibit a slower pace as it eased further to 4.2 percent in November 2021, from 4.6 percent in October 2021”.

The average inflation from January to November 2021 remained at 4.5 percent. Inflation in November 2020 was posted at 3.3 percent.

The reason behind the downtrend in the overall inflation in November 2021 was the slow movement in the price index of food and non-alcoholic beverages at 3.9 percent inflation.

“Ang dahilan ng pagbagal ng antas ng inflation nitong  Nobyembre 2021 ay ang mas mabagal na paggalaw ng presyo ng food and non-alcoholic beverages na may 3.9 % inflation at  93.2 % share sa pagbaba ng pangkalahatang inflation sa bansa,” PSA national statistician Dennis Claire Mapa said.

In addition, lower inflation was also recorded in the price of alcoholic beverages and tobacco at 7.5 percent, and furnishing, household equipment, and routine maintenance of the house at 2.4 percent.

A downward trend was also registered in the inflation for food index as it slowed down further to 4.1 percent in November 2021, from 5.6 percent in the previous month.

By specific food item, the annual growth rate of vegetables dropped by -1.8 percent during the month, after posting a double-digit annual increase of 11.4 percent in October 2021.

Moreover, annual increases in the indices of meat and fish, slid at 10.7 and 7.9 percent, respectively.

However, on a month-on-month basis, both meat and pork recorded positive inflation at 2.4 and 4.2 percent, respectively.

“Pork prices continuously went down month-on-month from July to early-October. This means that our policy to temporarily import pork has been effective. However, the uptick in prices in November shows that we need to further ease administrative requirements for the unloading and distribution of stocks to encourage more importation and help bring back pork prices to their pre-African Swine Fever level,” Socioeconomic Planning Secretary Karl Kendrick T. Chua said.

On the other hand, the PSA also noted that non-food inflation slightly rose to 4.1 percent from 3.8 percent for the same period.

This was caused mainly by high international crude oil prices, which drove up transport inflation to 8.8 percent from 7.1 percent.

Slight increase in inflation was also reflected in housing, water, electricity, gas, and other fuels at 4.6 percent from 4.4 percent. —/mbmf

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

 

 

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