Philippines Inflation


Philippines: Inflation continues to accelerate in August

September 10, 2012

In August, consumer prices added 0.77% over the previous month, which more than doubled the 0.31% rise observed in July. The result mainly reflected a rise in prices for food. As a result, annual headline inflation rose from 3.2% in July to 3.8% in August, the highest level seen in seven months. Annual average inflation, which is the reference rate used by the Central Bank as a guide for monetary policy, remained unchanged from July's 3.7%. Finally, the core inflation index, which excludes the price volatility associated with items such as food and oil, added 0.39% over the previous month, driving annual core inflation up to 4.3% in August. The Central Bank expects inflation to settle within its target of 4.0% plus/minus 1.0 percentage points for this year and next


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