Rising prices of pork and chicken during the holiday season, coupled with the continued impact of African Swine Fever (ASF), drove up the Philippines’ inflation rate in November, the Philippine Statistics Authority (PSA) reported.

National Statistician and PSA Undersecretary Claire Dennis S. Mapa reported that the country’s headline inflation accelerated to 2.5 percent in November from 2.3 percent in October due to the rising food and non-alcoholic beverage costs, slower transport deflation, and higher prices in housing and restaurant services.

Mapa said that higher prices of pork (4.2 percent from 3.5 percent) and chicken (5.4 percent from 4.9 percent), driven by holiday demand and the effects of ASF in some provinces, pushed up inflation in the meat commodity group.

Food inflation accounted for nearly half, or 48.4 percent, of November’s overall inflation. The increase was mainly driven by faster price hikes in food and non-alcoholic beverages. 

Transport costs also contributed to the inflation uptrend, with a smaller year-on-year decline of 1.2 percent in October compared to a 2.1 percent drop in the previous month.

On the other hand, the PSA reported a notable decline in rice inflation, which dropped to 5.1 percent in November from 9.6 percent in October. Likewise, corn fell to 8.2 percent from 9.7 percent. 

Rice inflation curbed?

Meanwhile, the National Economic and Development Authority (NEDA) stated, Thursday, Dec. 5, that government measures, including productivity-enhancing and strategic trade policies, “helped ease” rice inflation. 

NEDA added that although overall inflation rose slightly in November, the country’s average inflation for the first eleven months remains at 3.2 percent, within the government’s target range of two to four percent.

“Despite the strong typhoons our country faced in recent months, consumer prices have remained relatively stable. This demonstrates the resilience of our economy and the effectiveness of our policies,” NEDA Secretary Arsenio M. Balisacan said.

Balisacan, however, noted that the government is closely tracking commodity prices, particularly food, following the series of typhoons in October and November.

NEDA stressed that “these typhoons adversely affected food supply and logistics, resulting in a rise in food inflation” with a notable acceleration in vegetable prices from its -9.2 percent deflation in October.

“We are committed to maintaining price stability by ensuring inflation remains low and manageable,” Balisacan assured the public. 

“This will be supported by prudent monetary policies and strategic trade measures in the near term, as well as improved access to quality job opportunities and productivity-enhancing reforms in the medium term,” he said.

Meanwhile, the Department of Agriculture (DA) will launch the Kadiwa Rice-for-All program in major public markets to provide consumers with more affordable rice amid ongoing high prices.

To further address food inflation, the DA has authorized the Bureau of Animal Industry (BIA) to set up livestock, poultry, and meat industry inspection sites and amended ASF vaccine guidelines to combat the spread of ASF and Avian Influenza (AI).