In May, consumer prices were unchanged over the previous month, following on the 0.58% increase observed in April. The result mainly reflected stable prices in housing and repairs as well as in services. Despite food prices adding 0.12% month-on-month, the increase was offset by a decline in prices in the fuel, light and water category (-0.42% mom). Due to the unfavourable base effect of May 2010, annual headline inflation stepped up from 4.3% in April to 4.5% in May. The reading represented the fastest pace since April 2010 and came in below market expectations of inflation accelerating to 5.0%. The annual core inflation rate, which excludes the price volatility associated with items such as oil and food, jumped from 3.3% in April to 3.7% in May. Annual average inflation, which is the reference rate used by the Central Bank to conduct monetary policy, inched up from 3.7% in April to 3.8% in May. Accordingly, annual average inflation is below the target rate of 4.0% (1% tolerance margin), set by the Bank for 2011.
Inflation steps up in May
June 7, 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.