Inflation in the country remained within target in October 2020, according to the National Economic and Development Authority (NEDA).
The country’s headline inflation inched up to 2.5 percent in October from 2.3 percent in September 2020, bringing the year-to-date inflation to 2.5 percent,. This is still within the central bank’s inflation target of 2 to 4 percent for the year.
“Aside from the ongoing pandemic, the country has been facing adverse weather conditions in the recent months. Effects of typhoons and La Niña on the agriculture sector and food prices pose upside risks to inflation,” acting Socioeconomic Planning Secretary Karl Kendrick Chua said.
The latest projections from the Department of Agriculture (DA) show that the supply of key food products is likely to remain sufficient until the end of the year.
However, agricultural damage may put food supply at risk, and thus put pressure on prices.
“A key strategy for food security and food price stability during uncertain times is to prolong the shelf life of agricultural goods. This may come by way of introducing proper technology and increasing investments in warehouses and cold storage facilities in strategic locations,” the NEDA chief said.
Photo by PNA