Philippines' CPI declines marginally in October 2023

Non-food items showed a deceleration in growth, with the monthly increment easing to 0.4 per cent in October from 0.6 per cent the previous month.

Conversely, the clothing and footwear sector bucked the trend with a seasonally adjusted rise. The sector saw an uptick in its CPI, accelerating to a 0.4 per cent increase compared with a modest 0.2 per cent in the preceding month. This increase is even more pronounced within the National Capital Region (NCR), where clothing and footwear climbed by 0.2 per cent, up from 0.1 per cent previously, as per PSA.

Looking beyond the NCR, the Areas Outside National Capital Region (AONCR) presented a mixed picture. The region experienced a 0.4 per cent month-on-month decline in its overall seasonally adjusted CPI in October 2023, a reversal from the 1.4 per cent increase in September 2023. However, similar to the national trend, non-food items in the AONCR increased at a slower pace of 0.4 per cent in October, down from 0.5 per cent in the previous month.

Clothing and footwear in the AONCR showed an increased rate of growth, with the monthly increments in the index rising to 0.4 per cent in October from 0.3 per cent in September, mirroring the heightened activity in this sector nationally.

ALCHEMPro News Desk (DP)