PSA: High meat prices likely to accelerate further

The Philippine Statistics Authority (PSA) expects meat inflation to accelerate in the coming months until it is remedied.

It will be recalled that the country’s inflation peaked at 4.5 percent in April.

ADVERTISEMENT

In the analysis of PSA, they see that its price continues to rise, according to PSA Civil Registrar General Dennis Mapa.

“We performed some analysis, on the trend. Ang medyo patuloy na pataas, expected talaga, ang meat inflation. So in the next few months, unless there is intervention, we see this will continue to go up,” said Mapa.

It will be recalled that there was a shortage of meat in Luzon due to the effects of African swine fever.

ADVERTISEMENT

This caused the price of pork to rise to P400 per kilo.

The price hike was the reason for the implementation of the price freeze but it was something that hog raisers and vendors joined because they could not really afford to lower the price of pork.

High meat prices likely to accelerate further: PSA

Meanwhile, transportation prices accelerated in April. According to Mapa, this is due to high fares on tricycles and jeepneys, and rising oil prices.

ADVERTISEMENT

“Mataas talaga yung ating fuel, gasoline, diesel. Pumunta rin sa housing, electricity, gas and other fuels. nag contribute sa LPG and kerosene,” said Mapa.

According to one expert, the price of oil could go up further, as its consumption in other countries is already growing.

“Movement of oil prices is something we need to watch moving forward as it is poised to retest recent highs due to re-opening hopes globally and low base effect of May 2020 inflation with next month’s release of data,” said RCBC Chief Investment Officer Helen Go Oleta.

Meanwhile, inflation on vegetables, fruits, and rice dropped.

But according to Mapa, it is yet to be said whether the price of other foods will continue to fall.

“I don’t know whether this is due to additional supply, low demand, impact of community pantries. Negative ang gulay, negative 7.4 percent. Fruits negative 3.1 percent. Bigas, although positive 1.9 percent, ito ay bumaba compared sa 2.7 percent,” said Mapa.

Visit our Facebook page for more  updates.