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By Lilybeth G. Ison

Malacanang on Tuesday expressed satisfaction at the low inflation rate for the Philippines in October -- which registered 3.1 percent, the lowest among Southeast Asian nations.

"We are pleased to announce that the headline inflation rate for October eased further to 3.1 percent from 3.6 percent in September, and 3.8 percent in August this year. This marks a four-month low for the consumer price index and markedly lower compared to the inflation rate in the same month last year, which stood at 5.2 percent," said Deputy Presidential Spokesperson Abigail Valte during the press briefing.

"Among Southeast Asian nations, which have reported their inflation rates thus far, the Philippines registered the lowest inflation for October compared to 7.0 percent in Vietnam, 4.61 percent in Indonesia, and 3.32 percent in Thailand," she noted.

According to the National Economic and Development Authority (NEDA), cheaper prices of agriculture and fish products slowed down headline inflation to 3.1 percent in October -- from 3.6 percent in September, bringing average inflation in the first three quarters at the low-end of government’s target.

Aside from agriculture and fish products, NEDA said, price gains in petroleum-related products were generally subdued, contributed to lower inflation for the period.

"Slower annual increases in the price indices of electricity, gas and other fuels (4.9 percent from 5.0 percent), and transport services (1.4 percent from 1.5 percent) in October 2012 stopped further upward price pressures," it said.

Lower annual gains in the prices of unleaded gasoline (0.3 percent in October 2012 from 0.7 percent in September 2012, kerosene (3.5 percent from 5.7 percent), and diesel (3.1 percent from 5.6 percent), were also registered even though higher electricity charges in October along with higher price adjustments for liquefied petroleum gas (LPG).

The National Statistics Office (NSO), on the other hand, attributed the slowdown to "the deceleration in the annual increases recorded in the heavily-weighted food and non-alcoholic beverages index and recreation and culture index."

Annual inflation in the National Capital Region also improved to 2.9 percent in October -- from 3.5 percent in September. Ten regions have also registered slower annual rates.

Valte said October’s inflation rate was well within the range of 3-5 percent as set in the Philippine Development Plan for 2011-2016, and comes at the heels of upbeat consumer confidence and another all-time high in the Philippine Stock Exchange Index.

"The Aquino administration has consistently pursued equitable and inclusive economic growth. Ensuring a manageable inflation rate is part of this effort. This is reflected in the third quarter Pulse Asia Ulat ng Bayan survey that indicated an 11-point improvement in the performance rating of the administration in controlling inflation," she said.

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