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