philippines inflation falls to lowest level in more than four years in september
2024-10-04
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[asean special line] philippine inflation rate fell to the lowest level in more than four years in september
china news service, manila, october 4 (reporter zhang xinglong) data released by the philippine national bureau of statistics on the 4th showed that the country’s inflation rate fell to 1.9% in september, the lowest level since june 2020.
data show that the philippine inflation rate dropped to 1.9% for two consecutive months in september from the highest point of 4.4% in july. compared with the same period last year, the philippine inflation rate also dropped significantly in september, down 4.2 percentage points. in the first nine months of this year, the philippines' average inflation rate was 3.4%, within the government's target range of 2% to 4%.
philippine national bureau of statistics official mapa pointed out that the continued decline in the inflation rate in september was mainly due to the further slowdown in food and non-alcoholic beverage price increases. its annual growth rate dropped from 3.9% in august to 1.4% in september. at the same time, food inflation fell from 4.2% in august to 1.4% in september, with rice inflation falling sharply from 14.7% in august to 5.7% in september.
it is reported that the philippines has reduced rice tariffs from 35% to 15% since july 6. this move has promoted the continued decline of rice prices.
the philippine inflation rate in september was slightly lower than the lower end of the 2%-2.8% range expected by the philippine central bank. philippine finance secretary recto said that continued decline in inflation will provide the central bank with room to cut interest rates beyond expectations. the philippine central bank lowered its benchmark interest rate by 25 basis points to 6.25% in august, the first rate cut since november 2020.
arsenio balisacan, director of the philippine national economic and development authority, pointed out that as inflation slows down, people will be more confident to increase consumption, which will further promote business development and expansion. (over)
