In November, consumer prices added 0.84% over the previous month, following on a 0.18% decline registered in October. The monthly price increase mainly reflected a rise in fuel, light and water prices, which increased 4.98% over October. As a result of the monthly price rise, annual headline inflation increased from 2.8% in October to 3.0%, contrasting market expectations that had inflation declining to 2.5%. Meanwhile, the annual core inflation rate, which excludes volatile items such as oil and food prices, increased to 3.5% in November (October: +3.3% year-on-year). Annual average inflation, which is the reference rate for Central Bank's policy making, remains unchanged since October at 3.9%, below the inflation target rate of 4.0% set by the Bank for 2011. Owing to the benign inflation environment, the monetary board decided to leave benchmark interest rates unchanged at 4.00% at its latest meeting held on 18 November.
Inflation rises in November
December 7, 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.