Philippines Inflation Rate Slows in February
Philippines annual inflation fell to 4.1 percent in February from 4.2 percent in January, as alcoholic beverages, tobacco and transport prices rose at a slower pace. On a monthly basis, the inflation rate eased from 0.7 percent in January to 0.1 percent in February, as the country starts to recover from supply shocks caused by November’s Typhoon Haiyan.
3/5/2014 1:28:15 PM
Prices of alcoholic beverages, tobacco and transport slowed the most on the year to 7.1 percent and 1.0 percent respectively, in February, from their January rates of 17.6 percent and 1.2 percent, respectively. In contrast, higher annual growth rates were recorded for clothing and footwear (up to 3.7 percent from 3.4 percent in the previous month); housing, water, electricity, gas and other fuels (up to 3.6 percent from 3.4 percent) furnishing, household equipment and routine maintenance (2.8 percent from 2.6 percent) health (3.3 percent from 3.2 percent) and food (5.9 percent from 5.7).
Compared with the previous month, food prices slowed sharply in February (0.1 percent from 0.9 percent in January) and housing, water, electricity, gas and other fuels eased to 0.2 percent from 0.5 percent last month. Additional downward pressures came from cost of clothing and footwear (0.5 percent from 0.7 percent); furnishing, household equipment and routine maintenance of the house (0.4 percent from 0.6 percent); health (0.2 percent from 0.7 percent) and recreation and culture (0.2 percent from 0.3 percent).
Excluding selected food and energy items, annual core inflation decelerated to 3.0 percent in February from 3.2 percent in January.