In September, consumer prices added 0.16% over the previous month, above the 0.08% increase observed in August. The result mainly reflected a rise in food prices, which increased due to a fall in supply, triggered by the damage wrought to crops by the recent typhoons. Consequently, annual headline inflation accelerated from 4.7% in August to 4.8% in September. Meanwhile, annual core inflation, which excludes the price volatility associated with items such as food and oil, inched up from 3.4% in August to 3.5% in September. Annual average inflation, which is the reference rate the Central Bank uses to conduct its monetary policy, edged up from 4.4% in August to 4.5% in September. Currently, annual average inflation lies within the 1% tolerance margin around the 4.0% target rate set by the Bank for 2011. Furthermore, on 20 October, the Central Bank left the benchmark interest rate unchanged at 4.50% for a fourth meeting, citing moderating domestic economic growth and uncertainty regarding the global economy.
Inflation accelerates slightly on higher food prices
October 5, 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.