Philippines Inflation


Philippines: Inflation picks up in November

December 4, 2015

In November, consumer prices rose 0.5% over the previous month, exceeding October’s 0.1% increase. The rise mainly came on the back of higher prices for food items, particularly vegetables.

Inflation recorded the first increase in nine months, rising to 1.1% in November (October: +0.4% year-on-year) and marking the highest print in five months. Meanwhile, annual average inflation, which is the reference rate used by the Central Bank as a guide for monetary policy, fell from 1.7% in October to 1.5% in November, marking a new record low. As a result, average inflation remained below the Central Bank’s inflation target range of 2.0% to 4.0% for a second consecutive month.

Core consumer prices, which exclude volatile items such as food and oil, in November rose 0.3% over the previous month, coming in above October’s 0.1% increase. Finally, core inflation edged up from October’s 1.5% to 1.8% in November.

FocusEconomics Consensus Forecast panelists expect annual inflation to average 2.8% in 2016, which is down 0.5 percentage points from last month’s projection. For 2017, panelists see average inflation 2.8%, which is also down 0.5 percentage points from last month’s Consensus.

Author: Teresa Kersting, Economist

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Philippines Inflation Chart

Philippines Inflation November 2015 1

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

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