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MANILA, Philippines — This Christmas season, “elevated” prices of pork and consequently of holiday staples like ham and lechon, may likely contribute more to many people getting high blood pressure.
Despite easing headline inflation, pork—which brought overall price hikes faster since late last year—has again become more expensive as consumers prepare for their Christmas needs, according to the state planning agency National Economic and Development Authority (Neda).
The inflation rate eased to 4.2-percent year-on-year in November—the lowest in four months, the government reported on Tuesday.
In a statement, the Neda noted that pork prices in November rose 4.2 percent compared to October levels.
“The latest data from the Department of Agriculture shows a slower pork import arrival with only a 42-percent utilization of the expanded pork minimum access volume as of end-November. At the same time, the unreleased inventory of frozen pork is reported at 76,953 metric tons. The slow importation and release of inventory, together with higher demand due to the Christmas season, led to higher average pork prices in November,” the Neda said.
Softer inflation
But last month’s rate of increase in prices of basic commodities remained above the government’s 2 to 4 percent target band of manageable price increases. As of end-November, inflation averaged 4.5 percent.
National Statistician Dennis Mapa said at a press briefing that softer inflation of food and nonalcoholic beverages — at 3.9 percent last month from 5.3 percent in October — led the decline in the overall rate.
Nationwide meat inflation also eased to 10.7 percent from October’s 11.9 percent.
But in Metro Manila, meat inflation rose to 8.8 percent in November from 7.5 percent in the prior month. Outside Metro Manila, meat prices increased by a faster 11.3-percent year-on-year but it was a slower pace than the 13.1-percent rise last October.
Mapa noted that after declining in October, pork prices again rose in November. Pure pork meat prices, for instance, declined to P311 per kilo in October from P329 a kilo in September but again climbed to P332 per kilo in November.
In the case of pork with bones, a kilo cost a higher P303 last month from October’s P282 and September’s P295.
Inflation of pure pork meat averaged 22 percent, while meat with bones increased by an average of 23 percent, Mapa said.
Mapa said high demand during the Christmas holidays—when many Filipinos partake of pork meat and dishes like ham and lechon, among others—was expected to keep prices elevated.
Pre-ASF level
“Pork prices continuously went down month-on-month from July to early-October. This means that our policy to temporarily import pork has been effective. However, the uptick in prices in November shows that we need to further ease administrative requirements for the unloading and distribution of stocks to encourage more importation and help bring back pork prices to their pre-African swine fever (ASF) level,” Socioeconomic Planning Secretary and Neda chief Karl Kendrick Chua said.
The shortage in pork supply due to the local ASF outbreak since late 2020 and other more expensive food items whenever the Philippines experienced bad weather has pushed headline inflation above the target range.