Inflation slows to 1.9% in Sept

Inflation eased further in September to its lowest level in more than four years, driven by the slower increase in food prices, according to the Philippine Statistics Authority (PSA).

- LOUELLA DESIDERIO

In a press briefing, National Statistician Dennis Mapa said headline inflation, or the rate of increase in average prices of goods and services typically purchased by consumers, slowed to 1.9 percent in September from 3.3 percent in August and 6.1 percent in September 2023.

Mapa said this is the lowest inflation print since the 1.6 percent in May 2020.

The September inflation is below the two to 2.8 percent forecast of the Bangko Sentral ng Pilipinas (BSP).

Mapa cited food and nonalcoholic beverages as the main driver of the inflation downtrend as the commodity group registered a slower increase of 1.4 percent in Sep101 CBC VLL28 0Shs 58.50 WEB O Sha 2,0 VREIT tember from 3.9 percent in the previous month. This is the lowest since the 1.2 percent posted in February 2022.

Inflation for food alone eased to 1.4 percent in September from 4.2 percent in August.

The decline was primarily brought about by the slower inflation for rice at 5.7 percent in September from 14.7 percent in the previous month.

Mapa attributed the slower rice inflation to base effects.