In February, consumer prices added 1.06% over the previous month, following on a 0.83% increase registered in January. The monthly price rise mainly reflected increasing fuel costs (+2.02% month-on-month) as well as higher food prices (+1.23% mom). As a result of the substantial monthly price increase, annual headline inflation jumped from 3.6% in January to 4.3% in February, exceeding market analyst expectations of 3.7%. Moreover, the annual core inflation rate, which excludes the price volatility associated with items such as oil and food, picked up from 3.3% in January to 3.5% in February. Annual average inflation, which is the reference rate used by the Central Bank to conduct monetary policy, increased by a benign 0.1 percentage points and settled at 3.8% in February. Nevertheless, annual average inflation remained below the target rate of 4.0% (1% tolerance margin), set by the Bank for 2011. Although inflationary pressures continue to mount, the Central Bank left interest rates unchanged at a record low of 4.00% at its latest meeting held on 10 February. The next meeting is due to be held on 24 March.
Inflation jumps in February
March 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.