Philippines: Inflation continues to ease in November
December 5, 2012
In November, consumer prices rose 0.08% over the previous month, which contrasted the decline of the same magnitude tallied in October. The reading mainly reflected higher prices for housing, water, electricity, gas and other fuels.
Despite the monthly increase, annual headline inflation fell from 3.1% in October to 2.8% in November. Annual average inflation, which is the reference rate used by the Central Bank as a guide for monetary policy, edged down from 3.4% in October to 3.2% in November.
Finally, the core inflation index, which excludes volatile items such as food and oil, added 0.23% over the previous month, while annual core inflation inched down to 3.4% in November (October: 3.6%).
The Central Bank expects inflation to settle within its target of 4.0% plus/minus 1.0 percentage points for this year and next.