Philippines Inflation Lowest in More than Two Decades
Philippines annual inflation rate eased to 0.4 percent in September of 2015 from 0.6 percent in August and below market consensus. It is the lowest figure since April 1987, as cost of housing and utilities declined further and prices of food and non-alcoholic beverages continued to slowdown. Core inflation also fell to a fresh record low of 1.4 percent.
10/6/2015 10:51:49 AM
Year-on-year, prices fell for: housing, water, electricity, gas and other fuels (-2.2 percent in September from a downwardly revised 1.8 percent fall in August) and transport (-0.3 percent from -0.6 percent). In contrast, prices increased for: recreation and culture (+1.0 percent from +1.0 percent), education (+3.6 percent from +3.6 percent) and restaurant and miscellaneous goods and services (+1.2 percent from +1.2 percent) while prices remained unchanged for communication (+0.0 percent), cost moderated for: heavily-weighted food and non-alcoholic beverages (+0.8 percent from +1.2 percent); alcoholic beverages and tobacco (+3.6 percent from +3.7 percent); clothing and footwear (+2.1 percent from +2.3 percent); furnishing, household equipment and routine maintenance (+1.6 percent from +1.7 percent) and health (+1.5 percent from +1.8 percent)
From January to September 2015, inflation was 1.6 percent, below the central bank's target range of 2.0 percent to 4.0 percent for this year.
Core inflation was recorded at 1.4 percent year-on-year in September. In August 2015, the inflation was at 1.6 percent.
On a monthly basis, consumer prices declined 0.2 percent, following a 0.1 percent increase in August. Prices declined for food and non-alcoholic beverages (-0.2 percent) and housing, water, electricity, gas and other fuels (-0.7 percent). In contrast, prices increased for: alcoholic beverages and tobacco (+0.1 percent); furnishing, household equipment and routine maintenance (+0.1 percent); health (+0.1 percent); transport (+0.2 percent); recreation and culture (+0.1 percent) and restaurant and miscellaneous goods and services (+0.1 percent). Prices remained unchanged for clothing and footwear, communication and education.