October inflation settles to 2.3%, still within gov’t’s target range

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00:00The lawmaker who is also known for being an expert in the economy has a different take

00:05on the country's October inflation rate which went up to 2.3 percent. The details and other

00:12developments related to inflation, PTV's Joshua Garcia narrates in this report.

00:19The National Economic and Development Authority or NEDA assured the prices of basic goods in

00:24the country remain stable despite a slight increase in inflation for October this year.

00:28According to NEDA, while inflation slightly increased to 2.3 percent in October from 1.9

00:33percent in September, it still remains within the government's target range of 2.0 to 4.0 percent.

00:39The Philippine Statistics Authority explained the main cause for the slight inflation increase

00:44was the rising prices of food and non-alcoholic beverages particularly rice. National statistician

00:50Dr. Dennis Mapa added the uptick was also driven by the recent calamities whose impacts are likely

00:56to extend throughout November. According to the PSA, although the price increase of some foods

01:24like vegetables, seafood, meat, and bananas has slowed down, rice and corn prices remain high.

01:31Housing, water, electricity, and other fuel products also significantly contributed to last

01:56month's inflation. Congressman Joey Salcedo emphasized that there are no red flags in the

02:00October inflation data. Instead, it clearly shows the economy has recovered from the shocks

02:06experienced in 2022 and 2023. Salcedo also pointed out that President Ferdinand R. Margaret Jr.'s

02:13tariff reduction policies have significantly benefited consumers without negatively

02:17affecting local farmers. Finance Secretary Ralph G. Rector assured the public the country is still

02:23on track to meet its 2024 inflation target despite a slight increase in October due to

02:28temporary factors like weather disturbances such as severe tropical storm Christine and super typhoon

02:33Leone, and confirmed the government is taking steps to help affected communities recover quickly.

02:39Meanwhile, the Marcos Jr. administration continues to take steps to address challenges such as those

02:44caused by recent weather conditions which have also contributed to the rising inflation. According

02:50to the Banco Central ng Pilipinas, the 2.3 percent inflation rate for October is still within their

02:55forecast range of 2.0 to 2.8 percent. However, the BSP's Monetary Board will continue implementing

03:01measures to ensure price stability and support economic growth.

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