In October, consumer prices dropped 0.18% over the previous month, following on a 0.24% decline registered in September. The monthly price drop mainly reflected a decline in fuel, light and water prices, which fell 3.00% over September. As a result of the price drop, annual inflation dropped from 3.5% in September to 2.8%, which was below market expectations of 3.3%. Meanwhile, annual core inflation rate, which excludes volatile items such as oil and food prices, decreased to 3.3% (September: 3.8%). Annual average inflation, which is the reference rate for Central Bank's policy making, rose a notch to 3.9% in October but remains below the inflation target rate of 4.5% set by the Bank for 2010. Owing to the benign inflation environment, the monetary board decided to maintain benchmark interest rates unchanged at 4.00% at its latest meeting held on 7 October. At the meeting, monetary authorities agreed to set the inflation target for 2011 at 4.0% with a 1.0 percentage point tolerance margin.
Inflation continues to fall in October
November 5, 2010
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Philippines Economic News
October 17, 2016
In August, cash remittances from Overseas Filipino Workers (OFW) grew 16.3% from the same month of last year to USD 2.3 billion.
October 13, 2016
The Philippines’ exports declined for the seventeenth consecutive month in August mainly due to weak demand from Japan, Hong Kong and the USA. Exports dropped an annual 4.4%, which followed July’s sharper 13.0% decrease.
October 6, 2016
In September, consumer prices rose 0.2% from the previous month, marginally up from August’s 0.1% increase.
September 22, 2016
At its meeting on 22 September, the Central Bank decided to leave the Overnight Reverse Repurchase facility (RRP) unchanged at 3.00% as the markets had expected.
September 15, 2016
In July, cash remittances from Overseas Filipino Workers (OFW) dropped 5.4% over the same month last year to USD 2.1 billion.