Philippines: Inflation eases slightly in November
December 5, 2017
In October, consumer prices rose 0.5% compared to the previous month, up from October’s 0.3% increase. The rise was driven by higher prices for food and non-alcoholic beverages—especially for corn, fish and butter—and for alcoholic beverages and tobacco. Moreover, higher prices for gasoline, diesel, LPG and kerosene were also registered.
Inflation came in at 3.3% in November, down from October’s 3.5% reading. Inflation thus moved closer to the center of the Central Bank’s target range for the 2017–2020 period, set at 3.0% plus or minus one percentage point. Meanwhile, annual average inflation inched up to 3.1% from October’s 3.0%.
Core consumer prices, which exclude volatile items such as foodstuffs and oil, rose 0.4% over the previous month in November, accelerating from October’s flat reading. Finally, core inflation in November was 3.3%, marginally up from October’s 3.2%.