In January, consumer prices added 0.77% over the previous month, following on a 0.54% increase registered in December. The monthly price increase mainly reflected increasing food prices, which rose 1.07% over the previous month. As a result of the pronounced monthly price rise, annual headline inflation jumped from 3.0% in December to 3.5% in January, exceeding market analyst expectations of a 3.3% inflation rate. In contrast, the annual core inflation rate, which excludes the price volatility associated with items such as oil and food, inched down from 3.4% in December to 3.3% in January. Annual average inflation, which is the reference rate used by the Central Bank, fell slightly from 3.8% in December to 3.7% in January, remaining below the target rate of 4.0% (1% tolerance margin), set by the Bank for 2011. Against this backdrop, on 10 February, the Central Bank left interest rates unchanged at a record low of 4.00%. Monetary authorities justified their decision by quoting stable inflation and ?manageable? inflation expectations. However, policymakers warned about possible supply shocks originating from higher global food and oil prices, which may shift the inflation outlook to the upside in the near future.
Inflation accelerates in January on higher food prices
February 4, 2011
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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.