Increase in food prices felt in Q3
A slight increase was seen in the food prices during the third quarter of the year, based on the ‘Consumer Price Index for Bottom 30 percent Income Households: Third Quarter 2017’ of the Philippine Statistics Authority (PSA).
To be exact, the year-on-year inflation for the bottom 30 percent income households at the national level picked up by 3.0 percent in the third quarter of 2017. The annual rate in the previous quarter was recorded at 2.7 percent and 1.5 percent in the same period in 2016.
Higher annual increments were particularly posted in the indices of all the commodity groups such as Food, beverages and tobacco (FBT) (3.0 percent ); Clothing (1.0 percent); Housing and repairs (H&R) (2.6 percent); Fuel, light and water (FLW) (5.2 percent); among others.
PSA, however, pointed out that the annual growth of the food alone index moved up at a faster pace of 2.9 percent in the third quarter of 2017. It was pegged at 2.7 percent in the previous quarter and 1.6 percent during the same quarter in 2016.
Higher annual gains were observed in the indices of the following food groups: Rice (1.6 percent); Corn (2.2 percent); Cereal preparations (1.3 percent); Fish (8.3 percent ); and Meat (4.9 percent).
On the other hand, the annual increases in the indices of eggs and fruits and vegetables correspondingly slowed down to 2.7 percent and 3.7 percent.