In October, consumer prices added 0.32% over the previous month, which was double the 0.16% increase observed in September. The result mainly reflected a rise in food prices, which spiked 0.80% month-on-month due to the damage wrought on crops by typhoons Pedring and Quiel. Consequently, annual headline inflation accelerated from 4.8% in September to 5.2% in October. Annual core inflation, which excludes the price volatility associated with items such as food and oil, quickened from 3.5% in September to 3.9% in October. Annual average inflation, which is the reference rate that the Central Bank uses to conduct its monetary policy, edged up from 4.5% in September to 4.6% in October. Currently, annual average inflation lies within the 1% tolerance margin around the 4.0% target rate set by the Bank for 2011.
Inflation quickens as food prices rise
November 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.