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.