Metro Manila — Despite an increase in the prices of Noche Buena products this year, their impact on the overall inflation rate is considered minor, according to a government official on Tuesday.
“Although there are price increases, their influence on inflation is relatively small,” National Statistician Dennis Mapa remarked during a briefing about the effects of the rising costs of Noche Buena goods.
[Translation: We have observed price hikes, but their impact on inflation is limited.]
Mapa highlighted that essential food items such as rice, vegetables, and meat carry more significance in the food basket. For example, the proportion of ham—a popular holiday preserved meat—in the consumer price index basket is comparatively tiny.
“Noche Buena items do not play a significant role in the overall inflation,” he further stated.
[Translation: The role of Noche Buena items in total inflation is not substantial.]
As per the price guide issued by the Department of Trade and Industry at the end of last month, 152 Noche Buena products are now priced higher.
The price guide includes ham, fruit cocktails, cheese, queso de bola, mayonnaise, and more.
Earlier today, Mapa reported a decrease in the country’s inflation rate to 4.1% in November.