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The country’s inflation accelerated to 3.3 percent in November 2020 from 2.5 percent in October, bringing year-to-date inflation to 2.6 percent.
Inflation for November 2019 stood at 1.3 percent. Year-to-date inflation remains well below the midpoint of the central bank’s full-year target of two to four percent by 2020.
“The inflationary pressures in November were mainly attributed to higher food inflation. Year-on-year inflation rates for fish, fruits and vegetables increased due to weather-related supply disruptions, while African swine fever continued to negatively affect the supply of pork, leading to higher prices for pork. the meat. At the same time, inflation for alcoholic beverages and tobacco also increased in November.
In contrast, non-food inflation declined as the annual inflation rates of most major commodity groups slowed in November compared to the previous month, ”said Bangko Sentral ng Pilipinas.
Food inflation accelerated to 4.5 percent in November from 2.1 percent in October.
According to the latest estimates from the Department of Agriculture as of November 27, 2020, the combined amount of damage and losses to the agricultural sector caused by Typhoons Ofel, Nika, Pepito, Quinta, Rolly and Ulysses amounted to P15.3 billion. . Among the regions, Bicol was the most affected, followed by Calabarzon, Cagayan Valley and Central Luzon.
“Our experience with recent typhoons has highlighted the need for long-term engineering interventions, reforestation and coordinated flood management systems in different local government units (LGUs) and the need to intensify the distribution of climate-resilient technologies. and other production support assistance to mitigate loss of production in the agricultural sector, ”said Acting Secretary for Socio-Economic Planning, Karl Kendrick Chua.
Meanwhile, inflation in transportation services has remained high over the past six months, as a result of social distancing directives and reduced passenger capacity on all modes of public transportation.
Chua pointed out the need to review the guidelines of the country’s public transportation system and for the LGUs and the Land Transportation Franchise and Regulatory Board to monitor and review current and unjustified fare increases in public transportation as the economy shifts. It gradually reopens and more public transportation is allowed, while continuing to reinforce the “seven commandments” of safe public transportation. / PR
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