In September, consumer prices fell 0.08% over the previous month, which contrasted the 0.77% rise observed in August. The result mainly reflected lower prices for electricity and food. As a result of the monthly drop, annual headline inflation eased from 3.8% in August to 3.6% in September. Annual average inflation, which is the reference rate used by the Central Bank as a guide for monetary policy, inched down from 3.7% in August to 3.6% in September. Finally, the core inflation index, which excludes the price volatility associated with items such as food and oil, fell 0.39% over the previous month, driving annual core inflation down to 3.8% in September (August: 4.3%). The Central Bank expects inflation to settle within its target of 4.0% plus/minus 1.0 percentage points for this year and next.
Inflation moderates in September
October 5, 2012
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Philippines Inflation Chart
Note: Annual and monthly variation of consumer price index in %.
Source: National Statistics Office (NSO).
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.