Inflation will continue to cool to 0.8% in October 2019

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Inflation eased to a fresh three-year low of 0.8% in October for the fifth consecutive month, the Philippine Statistics Authority (PSA) announced it.

The latest figure corresponds to 0.9% in September and 6.7% in October 2018.

October’s inflation rate has been the slowest in more than three years since April 2016 at 0.7%, taking annual inflation to 2.6%.

The downturn was due to a fall in food and non-alcoholic beverage rates.

Slow annual increases were also noted for housing, water, electricity, gas and other fuels (0.6 percent); furniture, household appliances and routine household maintenance (2.7 percent); and health and restaurant services and other goods and services (2.9 percent).

He noticed, however, that the price of chicken and beef products had increased, while the cost of pork had decreased during the month.

The Department of Agriculture (DA) announced the outbreak of African Swine Fever (ASF) in the country in September and has since ordered several quarantined areas to prevent further spread of the disease.

On Monday, the DA announced that longganisa and hotdog items from the Mekeni Food Corp. food processor based in Pampanga were tested positive for ASF.

The National Capital Region (NCR) recorded an inflation rate of 1.3 percent, higher than 0.9 percent in September.

Areas outside the NCR saw inflation decelerate to 0.7% on average— the highest in Central Luzon was 2.3%, and the slowest in Zamboanga was-1.3%.

Twelve regions outside the NCR had either negative or lower annual inflation rates in October, while four regions had higher annual rates.

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