In May, consumer prices added 0.08% over the previous month, which was well below the 0.78% rise observed in April. The result mainly reflected a rise in prices for restaurants as well as for miscellaneous goods and services. As a result of the subdued monthly reading, annual headline inflation inched down from 3.0% in April to 2.9% in May. Annual average inflation, which is the reference rate used by the Central Bank as a guide for monetary policy, also eased from 4.2% in April to 4.1% in May. Finally, the core inflation index, which excludes the price volatility associated with items such as food and oil, added 0.2% over the previous month, driving annual core inflation up to 3.7% in May. The Central Bank expects inflation to settle within its target of 4.0% plus/minus 1% for this year and next.
Inflation eases in May
June 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.