The inflation rate or prices of goods and services in the country jumped to 6.1 percent in September 2023 from 5.3 percent in August 2023, the Philippine Statistics Authority (PSA) reported on Thursday, Oct. 5.
In its latest data, PSA stated that "heavily weighted food and non-alcoholic beverages" drove the uptick in the September headline inflation rate as it registered 9.7 percent inflation, which was higher than the 8.1 percent recorded in August.
The agency mentioned that cereals and cereal products, particularly rice, corn, flour, bread, and other bakery products contributed the most to the food inflation with 48.6 percent share.
When asked if the imposed rice price cap on regular and well-milled rice had been effective in curbing the rice inflation in September, Mapa said that only few rice products in the local markets fell within the price cap range.
"'Yung number of prices collected for regular milled rice is 2,601, gano'n karami ang pinagkuhanan namin ng items. At ang nakita namin na only 640 of these prices ang nag fa-fall dito sa price cap," he explained during a press briefing.
"Para naman sa well-milled rice, ang total number ng varities na aming na-track ay 3,498, at only 687 or 26% ang nag-fall doon sa price cap," Mapa added.
The food inflation was also caused by vegetables, tubers, plantains, cooking bananas, and pulses with a 23.2 percent inflation share, and fish and other seafood with a 9.7 percent share.
PSA said transport, with 1.2 percent inflation, also had a major contribution to the 6.1 percent September headline inflation rate.
The year-to-date inflation or national average inflation from January to September 2023 remained at 6.6 percent.
Inflation in NCR, AONCR
The National Capital Region (NCR) saw a faster inflation rate in September at 6.1 percent, slightly higher than the 5.9 percent in August 2023.
The three commodity groups were the main sources of higher inflation rate in NCR in September:
- Transport - 2.6 percent
- Housing, water, electricity, gas, and other fuels - 5.6 percent
- Restaurants and accommodation services - 8.1 percent
Inflation likewise moved at a faster pace in Areas outside NCR (AONCR) as it recorded a 6.0 percent inflation rate from the 5.2 percent in the month prior.
The main contributors to the inflation rate in AONCR in September are food and non-alcoholic beverages at 10.0 percent and transport at 1.0 percent
According to the agency, 15 regions had higher inflation rates in September 2023.
Of the 15 regions, Central Luzon has maintained its place on top as it registered 7.9 percent inflation which is above the 7.0 percent recorded in August.
Contrarily, Central Visayas had the lowest inflation rate among the regions with 3.8 percent.
