Higher prices of Noche Buena items have ‘minimal’ impact on inflation – PSA
Metro Manila (CNN Philippines, December 5) — While the prices of Noche Buena items are higher this year, their effect on the inflation rate remains “minimal,” a government official said Tuesday.
“May nakita kaming increases pero ang effect sa inflation ay minimal,” National Statistician Dennis Mapa said when asked during a briefing on the impact of the uptick in prices of Noche Buena products.
[Translation: We have seen increases but their effect is minimal.]
Mapa explained this is because critical items such as rice, vegetable, and meat have heavier weight on the food basket. For instance, the weight of ham—a preserved meat that is usually served on holidays—in the consumer price index basket is “not that large.”
“Hindi critical ang Noche Buena items in overall inflation,” he added.
[Translation: Noche Buena items are not critical in overall inflation.]
Based on the price guide released by the Department of Trade and Industry late last month, a total of 152 Noche Buena products have higher prices.
The price guide covers ham, fruit cocktail, cheese, keso de bola, mayonnaise, among others.
Mapa earlier today reported that the country’s inflation rate further cooled to 4.1% in November.