Ilocos records uptick in October's inflation rate to 1.9%
2024-Nov-14 16:00
AGRI-RELATED INFLATION IMPACT. Damaged rice crops in San Juan town, La Union in this undated photo. Acceleration in food prices largely contributed to the uptick in Ilocos Region's October 2024 inflation rate to 1.9 percent from month-ago's 0.6 percent, the Philippine Statistics Authority-Ilocos reported Wednesday (Nov. 13, 2024). (PNA/San Juan LU Agriculture)
MALASIQUI, Pangasinan – Inflation rate in the Ilocos Region recorded an uptick to 1.9 percent in October this year from 0.6 percent in September, driven by acceleration in the food and non-alcoholic beverages index, the Philippine Statistics Authority (PSA) reported.
In a virtual forum on Wednesday, PSA Ilocos Supervising Statitstical Specialist Teresa Olarte said inflation on food index went up 2.4 percent in October from -0.7 percent in September.
Rice's inflation is at 8.4 percent from the 3.1 percent; corn at 18.2 percent from 16.7percent; meat and other slaughtered land animals at 4.3 percent from 3.1 percent; fish and other seafoods at 1.6 percent from 0.2 percent; and vegetables, tubers, cooking banana and pulses at -16.3 percent from -28.8 percent.
Also, inflation of milk, other dairy products and eggs at 3.4 percent from 2.7 percent, sugar, confectionery and desserts at -2.6 percent from -3.9 percent, ready-made food and other food products at 9.5 percent from 8.6 percent, and oils and fats at 0.3 percent from 0.1 percent.
On the other hand, rate of price increases of fruits and nuts declined to 5.3 percent in October from month-ago's 7.5 percent.
Average inflation in the Ilocos Region to date stood at 2.1 percent, way lower than the 5.7 percent same period las year.
Among the provinces, Ilocos Sur posted the highest inflation rate last October at 3.8 percent, followed by La Union, 2.2 percent; Pangasinan, 1.6 percent; and Ilocos Norte, 0.6 percent.
Department of Agriculture (DA) project evaluation officer Jinnefer Pulamo, during the same briefing, said prices of agricultural products have been affected by the previous weather disturbances that have impacted the region.
Although the region is more than 100 percent sufficient in most of its agricultural products, the prices are still determined by the market, she said.
"We have buffer stocks to be given to the farmers for the rehabilitation of their farmlands to ensure enough supply of agri-products in the coming months," Pulamo said in Filipino.
National Economic and Development Authority (NEDA) Ilocos chief economic development specialist Ednore Freynon, in the same event, said that while inflation of food index in October posted a faster rate of 9.3 percent, from month-ago's 0.7 percent, this remains slower than year-ago's 9.3 percent.
He said higher fuel prices, due to geopolitical tensions overseas, also contributed to the faster inflation rate last October.
With demand expected to rise further during the winter in most countries abroad, and so is prices, he is hopeful that policies on oil of incoming US President Donald Trump will have positive impact on inflation. (PNA)