Tag: inflation rate

Philippines February 2025 inflation settles at 2.1%

Philippines February 2025 inflation settles at 2.1%

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Recently, the Philippine Statistics Authority (PSA) announced that the inflation rate of February 2025 settled at 2.1% primarily due to the easing of rate of price increases on non-alcoholic beverages and food, according to a Philippine News Agency (PNA) news article.

To put things in perspective, posted below is an excerpt from the news article of the PNA. Some parts in boldface…

Inflation in February this year slowed down to 2.1 percent from 2.9 percent in January mainly due to the easing of rate of price increase of food and non-alcoholic beverages, the Philippine Statistics Authority (PSA) reported.

In a press briefing Wednesday, PSA Assistant Secretary Divina Gracia del Prado said the declaration of food security emergency by the Department of Agriculture (DA) to bring down cost of rice has been effective in taming the inflation last month.

Inflation of food and non-alcoholic beverages, which contributed 58.8 percent to the overall inflation last month, declined to 2.6 percent from 3.8 percent in January.

Cereal and cereal products, which include rice, had a deflation of 3 percent in February from a deflation of 1.1 percent in January.

“For me, I think, we are seeing the effect of food security emergency in our inflation… Because of this food security emergency, we have released the rice buffer from NFA (National Food Authority) to LGUs (local government units), and of course in Kadiwa Rice for All program,” del Prado said.

Rice alone had a sharper deflation of 4.9 percent, with prices decreasing since July 2024 due to easing international prices and tariff reduction. Vegetable inflation plunged to 7.1 percent in February from a 21.1 percent inflation in January.

Aside from food and non-alcoholic beverages, main contributors to the deceleration of inflation in February were housing, water, gas, and other fuels, which inflation eased to 1.6 percent from 2.2 percent in January, and transport, which recorded a deflation of 0.2 percent from 1.1 percent inflation rate

Meanwhile, major contributors to inflation in February were food and non-alcoholic beverages, mainly due to higher prices of pork, with inflation increasing to 12.1 percent in February from 8.4 percent in January; restaurants, café and the like; poultry meat; rentals; and higher cost of passenger transport by sea.

In a separate statement, National Economic and Development Authority (NEDA) Secretary Arsenio Balisacan said the government stands ready to combat high inflation through its policies and programs.

“The government will sustain its efforts to keep inflation low and manageable to protect the purchasing power of Filipinos. As we expect six to 13 typhoons to develop from March to August 2025, the Department of Agriculture (DA) will implement the La Niña action plan to restore agricultural productive capacity in areas likely to be affected by continuous rainfall, flooding, and landslides,” Balisacan said.

Let me end this post by asking you readers: What is your reaction to this recent development? Do you think the inflation rate will fall below 2% by the end of March 2025? If you have been shopping for food lately, did you notice significant movements on prices?

You may answer in the comments below. If you prefer to answer privately, you may do so by sending me a direct message online.

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Thank you for reading. If you find this article engaging, please click the like button below, share this article to others and also please consider making a donation to support my publishing. If you are looking for a copywriter to create content for your special project or business, check out my services and my portfolio. Feel free to contact me with a private message. Also please feel free to visit my Facebook page Author Carlo Carrasco and follow me on Twitter at  @HavenorFantasy as well as on Tumblr at https://carlocarrasco.tumblr.com/ and on Instagram athttps://www.instagram.com/authorcarlocarrasco

Philippines inflation hit 2.9% in December 2024, 3.2% for the entire year

Philippines inflation hit 2.9% in December 2024, 3.2% for the entire year

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In recent times, the inflation rate of the Philippines increased by 2.9% during the month of December 2024 which contributed to a final inflation result of 3.2% for the entire year, according to a Philippine News Agency (PNA) news article.

To put things in perspective, posted below is an excerpt from the news article of the PNA. Some parts in boldface…

Inflation settled at 2.9 percent in December last year, bringing the 2024 average inflation rate to 3.2 percent, well within the government’s 2 percent to 4 percent target, the Philippine Statistics Authority (PSA) said.

In a briefing on Tuesday, National Statistician Dennis Mapa attributed the downtrend in the annual average inflation to the lower increase in the index of food and non-alcoholic beverages at 4.4 percent in 2024 from 7.9 percent in 2023. Food inflation, in particular, decelerated from 8 percent in 2023 to 4.5 percent last year.

According to Mapa, rice inflation also slowed to 0.8 percent, the lowest since January 2022.

“Iyong inflation rate sa bigas ay bumababa na. In fact, baka mayroon tayong expectation na maging negative na ‘yong inflation sa rice sa January (The rice inflation rate is going down. In fact, we expect negative rice inflation in January). That’s part of the good news,” he said.

The lower annual average inflation of housing, water, electricity, gas, and other fuels at 1.7 percent in 2024 from 4.9 percent in 2023, also contributed to the downtrend in 2024’s overall inflation.

Except for education services, the indices of other commodity groups recorded a downtrend in their annual average inflation in 2024 compared with 2023, with financial services recording an average decline of 0.6 percent in 2024 from a zero percent average inflation in 2023.

“The 3.2 percent average inflation rate in 2024 is a significant improvement from the 6 percent figure in 2023. Despite the risks we encountered throughout the year, our combined efforts to temper inflation have largely been successful. We will build upon this momentum as we commit to keep the inflation rate within our target range in 2025,” National Economic and Development Authority (NEDA) Secretary Arsenio Balisacan said in a separate statement.

“In pursuit of price stability, the Bangko Sentral ng Pilipinas maintains a calibrated approach to its monetary policy easing while the relevant agencies continue to pursue measures to ensure adequate food supply and affordable prices.“

NEDA noted that the government would continue to ramp up efforts to ensure water and food security amid climate risks.

Let me end this post by asking you readers: What is your reaction to this recent development? If you are managing a business, did inflation have any severe impact on the finances of your business? Do you think inflation all over the Philippines will somewhat ease this year?

You may answer in the comments below. If you prefer to answer privately, you may do so by sending me a direct message online.

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Thank you for reading. If you find this article engaging, please click the like button below, share this article to others and also please consider making a donation to support my publishing. If you are looking for a copywriter to create content for your special project or business, check out my services and my portfolio. Feel free to contact me with a private message. Also please feel free to visit my Facebook page Author Carlo Carrasco and follow me on Twitter at  @HavenorFantasy as well as on Tumblr at https://carlocarrasco.tumblr.com/ and on Instagram athttps://www.instagram.com/authorcarlocarrasco

Philippines October 2024 inflation rate settles at 2.3%

Philippines October 2024 inflation rate settles at 2.3%

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Recently it was announced that the inflation rate of the Philippines for October 2024 settled at 2.3%, according to a Philippine News Agency (PNA) news article. By comparison, the nation’s inflation rate was at 4.9% in October 2023.

To put things in perspective, posted below is an excerpt from the PNA news article. Some parts in boldface…

Inflation continued to settle within the government’s 2 to 4 percent target despite a slight uptick in October this year.

In a briefing on Tuesday, National Statistician Dennis Mapa said headline inflation during the month was at 2.3 percent, slightly higher than the 1.9 percent recorded in September this year. Inflation in October last year, however, was higher at 4.9 percent.

The latest data brings the national average inflation rate from January to October 2024 to 3.3 percent.

Mapa said the higher inflation in October was primarily influenced by the faster increase in food and non-alcoholic beverages at 2.9 percent from 1.4 percent in September 2024.

Despite the increase, the National Economic and Development Authority (NEDA) and the Bangko Sentral ng Pilipinas (BSP) are optimistic that inflation will remain within target this year.

“The latest inflation figures confirm that we are on track to keep inflation within target. The government is fully committed to ensuring price stability and protecting Filipino households from undue shocks,” NEDA Secretary Arsenio Balisacan said in a statement.

Balisacan assured the public that while recent weather disturbances posed challenges to the country’s food supply and logistics, the government will work “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,” Balisacan said.

To mitigate the impact of natural disasters, Balisacan said the Department of Social Welfare and Development is implementing the Building on Social Protection for Anticipatory Action and Response in Emergencies and Disasters Program.

The program provides social safety nets and capacity-building measures to support affected communities.

The Philippine Atmospheric, Geophysical, and Astronomical Services Administration earlier forecast that La Niña will persist until the first quarter of 2025, with two to eight tropical cyclones expected to affect the country until April 2025.

“The President has mobilized all of government to ensure relief efforts are comprehensive and delivered on time. In addition, he has directed us to craft a robust solution to build the resilience of families and communities amid the onslaught of severe typhoons,” Balisacan said.

Let me end this post by asking you readers: What is your reaction to this recent development? Do you think the inflation rate of the nation will end up between 2% to 4% for the final two months of the year?

You may answer in the comments below. If you prefer to answer privately, you may do so by sending me a direct message online.

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Thank you for reading. If you find this article engaging, please click the like button below, share this article to others and also please consider making a donation to support my publishing. If you are looking for a copywriter to create content for your special project or business, check out my services and my portfolio. Feel free to contact me with a private message. Also please feel free to visit my Facebook page Author Carlo Carrasco and follow me on Twitter at  @HavenorFantasy as well as on Tumblr at https://carlocarrasco.tumblr.com/ and on Instagram athttps://www.instagram.com/authorcarlocarrasco