Rice inflation eases to 5.1% in November

PTVPhilippines

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00:00Overall inflation went up by a smidgen of two-tenths of a point last month to 2.5% from 2.3% in October,

00:09a mark well within the forecast range set by economic managers,

00:14indicating a formidable effort by government's technocrats to tame and keep in inflation well within handle.

00:22PTV's Rod Laguzat led us in on the details that led to last month's inflation that's right on the mark.

00:33The recorded inflation rate for rice slowed down in November.

00:36This comes despite a slight increase in the recorded inflation last month at 2.5%, higher than the 2.3% in October.

00:43According to the Philippine Statistics Authority, it stood at 5.1% in November, compared to 9.6% in October.

00:50But because of the weight of the three other commodity groups, the meat, the fish, and the vegetables,

00:59that's why there was an increase in inflation last November.

01:05MAPA explained they are seeing a downward trend in the inflation rate for rice from January to November.

01:10The retail price, this is what we're getting, the unit price per kilo in the regular, well-mealed, and special, is also going down.

01:22So our expectation for December, for example, the inflation rate for rice is really going down.

01:30According to NEDA, the government's measures, including productivity enhancing and trade measures,

01:35have helped maintain the inflation rate within the government target range of 2-4%.

01:40As for the slight increase in inflation in November, the PSA said that the main reason for this was the rise in the cost of food and non-alcoholic beverages.

01:48The increase in vegetable prices is attributed to the consecutive tropical cyclones that hit the country,

01:53particularly in Cagayan Valley, which was severely affected by the storms.

01:57According to Secretary Arsenio Balisacan, strict monitoring of the prices of essential goods is still on,

02:03especially food items, due to the recent tropical cyclones.

02:06For the part of the Department of Finance, Secretary Ralph Recta said,

02:09despite the challenges brought by the successive typhoons in the agriculture sector,

02:13the government is still on track with its target range for the entire year.

02:16He also added that the government is ensuring to rehabilitate those affected

02:20and making prime and essential commodities affordable, especially during the Christmas season.

02:25Rod Legu said, from PTV Manila, Balitang Pambansa.

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