Philippines Inflation Rate Edges Down in October

Philippines annual inflation rate slowed to 4.3 percent in October of 2014 from 4.4 percent in September, mainly due to lower cost of food and non-alcoholic beverages, clothing and miscellaneous services. Core inflation also decelerated to 3.2 percent year-on-year from a 3.4 percent increase in the previous month.

Year-on-year, prices slowed for the heavily-weighted food and non-alcoholic beverages index (+7.0 percent in October from +7.4 percent in September); clothing and footwear (+3.4 percent from +3.6 percent) and restaurant and miscellaneous goods and services (+1.7 percent from +1.8 percent). In contrast, prices were  higher for transport (+0.8 percent from +0.7 percent) and housing and utilities (+2.4 percent from +2.2 percent). Costs remained unchanged for several commodity groups, including: alcoholic beverages and tobacco (+3.5 percent); furnishing, household equipment and routine maintenance (+2.8 percent); health (+3.5 percent); communication (+0.1 percent); recreation and culture (+1.5 percent) and education (+5.1 percent).

The annual gain in the food alone index eased to 7.2 percent in October from 7.4 percent a month ago. Slackening yearly increases were noticed on, among other, meat, fish, oil and fats, sugar and honey.

The Philippines's central bank targeted inflation to be between 3 to 5 percent for this year.

On a monthly basis, consumer prices rose 0.1 percent, the same clip registered in September. Lower prices were seen for petroleum products such as LPG, kerosene, gasoline and diesel. Prices were higher for rice, fish, milk, cheese, eggs, cooking oil and fruits in some selected regions.

Philippines Inflation Rate Edges Down in October

National Statistics Office l Rida l
11/5/2014 10:38:16 AM