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The rate of increase in consumer prices eased again last month as prices for food products continued to decline, data from the Philippine Statistics Authority (PSA) showed.
The country’s headline inflation hit 2.3 percent in September, slightly slower compared to 2.4 percent in August, but higher than 0.9 percent in the same month last year.
Inflation in September brought the average annual rate to date to 2.5 percent, well within the government’s goal of 2.0 percent to 4.0 percent.
“The downward trend in headline inflation in September 2020 was mainly caused by the slowdown in inflation for very heavyweight food and non-alcoholic beverages,” PSA said in a statement.
Food prices fell 1.5 percent last month from 1.8 percent in August.
By food groups, inflation for rice and corn decreased -0.6 percent during the month. Also, vegetable prices fell further to -2.7 percent.
Slower inflation was also recorded for alcoholic beverages and tobacco with 12.9 percent; clothing and footwear, 1.8 percent; and furniture, household goods and routine maintenance of the home, 3.7 percent.
In addition, the annual rate in the recreation and culture index fell further to -0.5 percent during the month.
Meanwhile, the increases in inflation were higher during the month in housing, water, electricity, gas and other fuels (1.2 percent); transportation (8.3 percent); communication (0.4 percent t); and education (0.9 percent).
Meanwhile, core inflation, which excludes certain food and energy, rose to 3.2 percent in September from 3.1 percent the previous month.
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