MANILA (Mindanao Examiner / Nov. 6, 2012) – The Philippines announced on Tuesday a four-month low for the consumer price index compared to last year, saying the headline inflation rate for October eased further to 3.1% from 3.6% in September and 3.8% in August this year.
Deputy Presidential Spokesperson Abigail Valte said annual inflation in the National Capital Region also improved to 2.9% in October from 3.5% in September. Ten regions have also registered slower annual rates.
The National Statistics Office attributes the slowdown to “the deceleration in the annual increases recorded in the heavily-weighted food and non-alcoholic beverages index and recreation and culture index.”
Among Southeast Asian nations which have reported their inflation rates thus far, the Philippines registered the lowest inflation for October compared to 7% in Vietnam, 4.61% in Indonesia, and 3.32% in Thailand.
October’s inflation rate is well within the range of 3-5% as set in the Philippine Development Plan for 2011-2016 and comes at the heels of upbeat consumer confidence and another all-time high in the Philippine Stock Exchange Index.
Valte said the Aquino administration has consistently pursued equitable and inclusive economic growth. Ensuring a manageable inflation rate is part of this effort. This is reflected in the third quarter Pulse Asia Ulat ng Bayan survey that indicated an 11-point improvement in the performance rating of the administration in controlling inflation, she said.
“We have always maintained that good governance results in good economics. The effects of our reforms have already manifested in the lives of our countrymen. This is reflected in the exceptional public trust, satisfaction, and support for the President and his administration,” Valte said in a statement sent to the regional newspaper Mindanao Examiner.
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