November inflation decreases to 6% from 6.7% in October
Inflation for November eased to a four-month low of six percent from 6.7 percent in October, according to the Philippine Statistics Authority ( PSA) on Wednesday.
The October inflation figure, which was the highest in nearly a decade, was unchanged from September
"Relative to their annual rates in the previous month, slower annual increases were observed in the indices of the following major commodity groups: food and non-alcoholic beverages at eight percent down from 9.4 percent last month; housing, water, electricity, gas and other fuels at 4.2 percent and communication at 0.4 percent," Undersecretary Lisa Bersales said in a press conference in Manila on Wednesday.
The transportation index was unchanged at 8.9 percent due to "mixed movements in fuel and fare prices", said Bersales. World oil prices began falling in October but fare hikes for jeepney and tricycles was implemented, she added.
"Petroleum and fuel for personal transport equipment is down- deceleration of 19.8 percent from 30.3 percent. Jeepney fare at acceleration from 4.8 percent to 11.6 percent. Tricycle fare at acceleration of 2.6 percent from 1.6 percent. Domestic airfare at deceleration at 6.0 percent from 8.4 percent; and ferry fare at increase of 9.3 percent from -19.4 percent," she explained.
For food and non-alcoholic beverage index, slower rates of increase were seen in rice, corn, fish, meat , fruits, vegetables, and sugar, jam, honey, chocolate and confectionery.
Bersales said inflation has been easing on a month-to-month basis since October after November inflation declined by -0.3 percent.
"It started easing since October 2018 at 0.4 percent," she said.
Bersales added this is also the lowest month-to-month increase since -0.2 percent in February 2016.
In the National Capital Region, inflation went down to 5.6 percent from 6.1 percent last October.
Bicol remained the highest in inflation outside NCR at 8.9 percent lower from 9.9 percent last month, while Central Luzon was lowest at 4.4 percent inflation rate.
"Except from Central Luzon, other areas outside NCR registered lower inflation increase in November compared with their previous month annual rate," she said.
Bersales assured the public prices will continue to ease after President Rodrigo Duterte on Tuesday approved the recommendation of his economic managers to proceed with the fuel tax increase in 2019.
"If we look at the prices of products per month, prices are declining. In fact in November, our month-on-month rate is negative. Meaning, if this continues, prices will really go down," she said. Ella Dionisio/DMS
