Philippines Inflation

Philippines

Philippines: Inflation slows markedly to year low

December 5, 2014

In November, consumer prices fell 0.1% over the previous month, contrasting October’s 0.1% rise. November’s drop was largely driven by a steep decline in prices for electricity, gas and other fuels.

Annual inflation dropped significantly from October’s 4.3% to 3.7% in November, the lowest level in a year. Meanwhile, annual average inflation, which is the reference rate used by the Central Bank as a guide for monetary policy, in November remained at October’s 4.3%.

The core inflation index, which excludes volatile items such as food and oil, was unchanged in November over the previous month, mirroring October’s reading. Finally, annual core inflation edged down from October’s 3.2% to 2.7% in November, which represented the lowest rate in 13 months.

The Central Bank’s target inflation rate is 3.0% plus/minus 1.0 percentage point for 2015. FocusEconomics Consensus Forecast panelists expect annual inflation to average 3.8% in 2015, which is unchanged from last month’s projection. For 2016, panelists also see inflation of 3.8%.


Author: Teresa Kersting, Economist

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Philippines Inflation Chart


Philippines Inflation November 2014

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


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