The country’s inflation for the month of October rose to 2.5 percent from September’s 2.3 percent amid increasing prices of food, including pork that has long been affected by the African Swine Flu (ASF).
“Higher overall inflation was primarily brought about by the increase in the inflation of the heavily-weighted food and non-alcoholic beverages at 2.1 percent during the month, from 1.5 percent in September 2020,” the Philippine Statistics Authority (PSA) stated in its press release.
The ASF caused inflation to pick up, with the price of pork up by 29 percent in the National Capital Region (NCR) alone. From the ₱202.00 per kilo price last year, the average price of pork is now at ₱262.00 per kilo or higher.
“Ang malaking contribution talaga ay doon sa food group kasi malaki weight ng food group natin (A big contribution came from our food group because its weight is hefty),” National Statistician Dennis Mapa explained.
The PSA is expecting more negative effects on food prices in the near future due to prevailing bad weather conditions.
“A key strategy for food security and food price stability during uncertain times is to prolong the shelf life of agricultural goods. This may come by way of introducing proper technology and increasing investments in warehouses and cold storage facilities in strategic locations,” NEDA Secretary Karl Chua advised.
Meanwhile, transport index continue to rise with the implementation of social distancing to prevent coronavirus transmission.
The PSA also stated in its press release that “annual mark-ups were higher in the indices of education at 1.2 percent, and restaurant and miscellaneous goods and services, 2.4 percent.”
A 1.5 percent increase in the of tuition fees of colleges and 1.3 percent in private high schools were also recorded amid adjustments in learning modalities during the pandemic.
The Bangko Sentral ng Pilipinas said the inflation rate is still within its target forecast range of 1.9 percent to 2.7 percent. – Report from Naomi Tiburcio
