Philippines: Inflation falls in November
December 6, 2011
In November, consumer prices added 0.39% over the previous month, which was slightly above the 0.32% increase observed in October. The result mainly reflected a rise in prices in the housing category, which added 0.74% month-on-month, as well as higher food prices. Annual headline inflation dropped from 5.2% in October to 4.8% in November. Annual core inflation, which excludes the price volatility associated with items such as food and oil, also fell from 3.9% in October to 3.7% in November. Annual average inflation, which is the reference rate used by the Central Bank as a monetary policy guide, inched up from 4.6% in October to 4.7% in November. Currently, annual average inflation lies within the 1% tolerance margin around the 4.0% target rate set by the Bank for 2011.