In August, consumer prices added 0.08% over the previous month, which mirrored the price increase observed in July. The result mainly reflected stable food prices, which contrasted July's 0.15% month-on-month rise. Annual headline inflation moderated from 5.1% in July to 4.7% in August, partially boosted by the favourable base effect from the same month last year when prices soared 0.41% mom. Meanwhile, annual core inflation, which excludes the price volatility associated with items such as oil and food, fell from 3.7% in July to 3.4% in August. Annual average inflation, which is the reference rate used by the Central Bank to conduct monetary policy, stalled at 4.4% in August. Currently, annual average inflation lies within the 1% tolerance margin around the 4.0% target rate set by the Bank for 2011. Moreover, on 8 September, the Central Bank left the benchmark interest rate unchanged at 4.50% for a fourth consecutive month amid uncertainty regarding global economy.
Inflation moderates on flat food prices
September 6, 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.