Annual inflation quickened to its fastest pace in almost 14 years in October, as food prices soared due to the impact of recent typhoons, the Philippine Statistics Authority (PSA) said.
Marketgoers purchase fresh vegetables at the Marikina Public Market, Oct. 10. Inflation accelerated to its quickest
“The October 2022 inflation outturn of 7.7% is within the BSP’s forecast range of 7.1% to 7.9%, consistent with the BSP’s assessment of inflation remaining above target over the near term as price pressures broaden and signs of further adverse second-round effects emerge,” the central bank said in a statement.
At a press briefing, National Statistician Claire Dennis S. Mapa said October inflation grew faster as higher prices of food and non-alcoholic beverages reflected the agriculture damage caused recent typhoons. Mr. Mapa said the impact of Typhoon Paeng, which hit the country over the weekend, would be considered in November’s headline inflation.
Given higher inflation and the extensive damage to property, lives, and livelihood, the National Economic and Development Authority said it is important to immediately provide assistance to those affected by recent typhoons. Higher inflation in October was due to supply constraints with additional pressure from oil prices, Bank of the Philippine Islands Lead Economist Emilio S. Neri, Jr said.
The S&P Global Philippines Manufacturing PMI stood at 52.6 in October, lower than 52.9 in September. A PMI reading above 50 denotes better operating conditions compared to the previous month, while a reading below 50 signals otherwise. The peso went back to the P57 level when it closed at P57.97 on Oct. 28. This has caused the peso to strengthen by P0.655 or 1.13% from its Sept. 30 close of P58.625.
“Meanwhile, the impact of a weaker-than-expected global economic recovery is the primary downside risk to the outlook,” it added.““The BSP remains prepared to take all further monetary policy actions necessary to bring inflation back to the target over the medium term,” the central bank said on Friday.
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