MANILA, Philippines – The National Economic and Development Authority (NEDA) said on on Wednesday, November 5, that the rate of inflation has slowed down for the second month in a row. NEDA noted that food price increases have slowed down, thereby also lowering inflation to 4.3% in October.
This marked the second consecutive month that the inflation rate has decreased. In September, inflation rate was at 4.4%, down from 4.9% in August.
Food prices have also increased at a lower rate in the last two months; with food inflation at 7.2% in October, as against 7.8%. in September.
NEDA director-general Arsenio M. Balisacan said: “Ample supply of meat, fish, and vegetable items in the market and easing of commodity prices helped reduce price pressures.”
The economic and development agency also pointed out that the easing of commodity prices in the international market, the improved supply of commodities, as well as the removal of the city government’s daytime truck all had a favorable impact upon inflation rates..
However, the positive effects of the lower inflation rate were counteracted the rise in electricity charges, gas, and the cost of other fuels within the same period; registering an increase to 3.2% in October from 2.4%.