Inflation peaks at 3.4% in September
Higher food prices drove inflation to a five-month high.
Inflation hit 3.4% in September to rise from 3.1% in August, the National Economic and Development Authority (NEDA) announced on Thursday, Oct. 5.
Prices of basic goods moved up due to higher food prices, which were affected by weather disturbances that hit the Philippines last month. In particular, food inflation rose by 3.6% from 3.5% in August due to higher costs of corn, fish, vegetables, cereals, flour, bread, pasta, and oils and fats.
“The accelerated adjustments in food, particularly corn, fish, and vegetables, can be partly traced to the lingering effects of Typhoon Jolina and Tropical Depression Maring, which caused damage to agriculture and fisheries in the CALABARZON region, particularly Quezon province,” NEDA Secretary Ernesto Pernia said.
In particular, total reported losses from Tropical Depression Maring were estimated to have reached P77 million.
“We must continue to strengthen the resiliency of communities not only to support low-income farmers but also to stabilize prices of agricultural commodities,” Pernia added.
Despite the higher reading that matches the 3.4% recorded in April, Pernia said he remains “positive” that inflation for the full year will still be within the 2-4% range.