MANILA, Nov. 5 (Xinhua) -- The Philippines' annual inflation rate increased to 2.3 percent in October from 1.9 percent in September, driven by higher prices in food such as rice and vegetables, the Philippine Statistics Authority (PSA) said on Tuesday.
PSA chief Dennis Mapa told a news conference that food and non-alcoholic beverages rose to 2.9 percent from 1.4 percent in October. He said rice inflation accelerated to 9.6 percent in October from 5.7 percent in the previous month.
Mapa added that transport also contributed to the uptick in October, with a slower year-on-year decrease of 2.1 percent from a 2.4-percent annual drop in September.
The October inflation rate brings the national average inflation from January to October 2024 to 3.3 percent. In October 2023, the inflation rate was higher at 4.9 percent.
Mapa said the core inflation, which excludes selected food and energy items, remained at 2.4 percent in October 2024. In October 2023, core inflation was faster at 5.3 percent.
National Economic and Development Authority Secretary Arsenio Balisacan said the recent Typhoon Trami has posed significant food supply and logistics challenges to the country.
Balisacan said the government is working relentlessly to keep food available and prices steady, particularly for essential commodities.
"With targeted support and streamlined food supply chains, we aim to ensure that food is affordable and accessible for Filipino families, especially those most vulnerable to price shocks when disasters hit us," Balisacan said. ■