Philippines Inflation November 2017


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%.

FocusEconomics Consensus Forecast panelists expect inflation to average 3.3% in 2018 which is unchanged from last month’s projection. For 2019, panelists see inflation of 3.4%.

Author: Massimo Bassetti, Economist

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Philippines Inflation Chart

Philippines Inflation November 2017

Note: Annual and monthly variation of consumer price index in %.
Source: National Statistics Office (NSO) and FocusEconomics calculations.

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