By Alec Go
The Philippine inflation rate accelerated to 7.7% in October 2022 from the 6.9% last September, the highest since December 2008 according to the Philippine Statistics Authority (PSA).
The average inflation from January to October this year is 5.4%.
The PSA said the acceleration is mainly attributed to higher food and beverage costs which have grown to 9.4%.
“The last highest was December 2008 at 7.8%, the year of the global financial crisis. Iyong situation right now sa October, partikular itong inflation natin, ang malaking push talaga ay iyong food inflation,” National Statistician Dennis Mapa said in a briefing on Friday, Nov. 4.
“Ang weight ng food basket sa ating national basket ay medyo mataas, nasa 35%,” he added.
This is followed by housing, water, electricity, gas and other fuels with a 7.4% inflation, the share of which from the overall inflation is 20.8%. The third highest contributor is transportation with a 12.5% inflation and a share of 14.8%.
In a media release on Friday, the National Economic and Development Authority (NEDA) said the government will continue to provide assistance to those affected by rising commodity prices.
“Our immediate priority is to continue supporting the most vulnerable sectors of the economy, hence, the cash transfers and fuel discounts will continue,” NEDA Secretary Arsenio Balisacan said.
“This will alleviate the effects of the sustained increase in commodity prices as a result of global headwinds as well as the recent typhoons which damaged our domestic production and disrupted food supply,” he added.
Meanwhile, the overall inflation in Metro Manila quickened to 7.7% also due to higher food prices. This is higher than September 2022’s 6.5% and October 2021’s 2.5%.
Areas outside Metro Manila also posted an inflation rate of 7.6% in October from the 7% last September, and quicker than the 4.4% during the same period last year.