THE government under President Ferdinand R. Marcos Jr. strives to rein in prices of basic goods as they remain stable despite the slight uptick in inflation from 1.9 percent last September to 2.3 percent in October 2024.
The Philippine Statistics Authority (PSA) reported on Tuesday that the October inflation data bring the national average inflation rate from January to October 2024 to 3.3 percent.
The National Economic and Development Authority (NEDA) said this average is “comfortably within the government’s target range of 2.0 to 4.0 percent,” as it assured the government is working to ensure food availability at stable prices.
“The government is working relentlessly to keep food available and prices steady, particularly for essential commodities. With targeted support and streamlined food supply chains, we aim to ensure that food is affordable and accessible for Filipino families, especially those most vulnerable to price shocks when disasters hit us,” Socioeconomic Planning Secretary Arsenio Balisacan said.
Balisacan, who heads the NEDA, noted the recent weather disturbances, including the onslaught of Tropical Storm Kristine, posed a challenge to the country’s food supply chain and logistics.
The PSA said the increase in overall inflation was primarily influenced by heavily-weighted food and non-alcoholic beverages, which was recorded at 2.9 percent in October compared to the 1.4 percent in September.
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