The Philippine Statistics Office (PSA) on Tuesday, November 6, revealed that inflation rate in the country remained steady at 6.7 percent for the month of October.
National Statistician Lisa Grace Bersales said that higher annual increases were observed in six commodity groups particularly housing, water, electricity, gas, and other fuels (4.8 percent); furnishing, household equipment and routine maintenance of the house (3.7 percent); health (4.3 percent); transport (8.8 percent); recreation and culture (3.1 percent); and restaurant and miscellaneous goods and services (4.2 percent).
Food and non-alcoholic beverages meanwhle are steady at 9.4 percent.
Outside Metro Manila, the fastest inflation rate was recorded in the Bicol region at 9.9 percent.
The 6.7 percent October inflation rate is the same as the reported rate in September, which is considered as the fastest over the last nine years.
Both the Bangko Sentral ng Pilipinas (BSP) and the Department of Finance (DOF), however, sees that the inflation rate will begin to stabilize as rice, power, and oil prices begin to fall.
“The October inflation data supports the view that inflation pressures are finally moderating. It’s a significant deceleration although the headline figure remains elevated. Second round effects are also muted so far,” BSP Governor Nestor Espenilla Jr said in a message to reporters.
