The Philippines’ inflation rate dropped to 1.9 percent in September 2024, the lowest level in 52 months. This marks a significant decline from 3.3 percent in August 2024 and 6.1 percent a year earlier.
“This is the lowest inflation rate since the 1.6 percent inflation rate recorded in May 2020,” the Philippine Statistics Authority (PSA) said Friday.
Inflation in the first nine months of 2024 averaged 3.4 percent, falling within the government’s target range of 2 percent to 4 percent for the year.
The PSA attributed the slower September inflation rate to a decrease in the cost of food and non-alcoholic beverages. Transport costs also fell more sharply in September compared to the previous month.
Other factors contributing to the lower inflation included slower increases in housing, water, electricity, gas, and other fuels; alcoholic beverages and tobacco; clothing and footwear; furnishings, household equipment, and routine household maintenance; information and communication; recreation, sport, and culture; education services; restaurants and accommodation services; and personal care and miscellaneous goods and services.
Food inflation eased to 1.4 percent in September 2024 from 4.2 percent in August 2024. Rice prices experienced a significant decline, falling from 14.7 percent in August to 5.7 percent in September.
Core inflation, which excludes selected food and energy items, also slowed down to 2.4 percent in September 2024 from 2.6 percent in the previous month.
Experts said the government’s successive job fairs and the availability of jobs for the people helped improve inflation.
Congress believes that the Marcos administration’s relentless assistance to farmers, the poor and students through the Bagong Pilipinas Servisyos Fair (BPSF) helped bring down inflation.
“We will continue to support the programs of President Marcos to improves the lives of Filipinos,” House Speaker Ferdinand Romualdez said.
“We will do everything here in Congress to further improve the lives of the people,” he said.
