Philippines Inflation Rate Eases in November


Philippines annual inflation rate decelerated to 3.7 percent in November of 2014 from 4.3 percent in October, mainly due to lower cost of food and non-alcoholic beverages; housing, water, electricity, gas and other fuels. It is the lowest rate since December 2013.

Year-on-year, prices slowed for the heavily-weighted food and non-alcoholic beverages (+6.5 percent in November from 7.0 percent in October); routine maintenance and household equipment (+2.7 percent from +2.8 percent); housing, water, electricity, gas and other fuels (+0.3 percent from +2.4 percent) and transport (+0.2 percent from 0.8 percent). In contrast, prices were higher for alcoholic beverages and tobacco (+4.1 percent from +3.5 percent), clothing and footwear (+3.5 percent from +3.4 percent) and restaurants and miscellaneous goods and services (+1.8 percent from +1.7 percent). Prices remained unchanged for health (+3.5 percent), communication (+0.1 percent) and recreation and culture (+1.5 percent).
 
The year-on-year growth of the food alone index decelerated to 6.7 percent in November from 7.2 percent a month earlier, but up from 4.0 percent rise in the same month a year ago. All food categories recorded slower annual upticks except for milk, cheese and egg.

 Core inflation also eased to 2.7 percent year-on-year from a 3.2 percent increase a month earlier.

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

On a monthly basis, consumer prices dropped 0.1 percent in November from 0.1 percent increase in October. Decreases were noted in prices of housing, water, electricity, gas and other fuels and transport . Prices were slower for food and non-alcoholic beverages and routine maintenance and household equipment. In contrast, price were higher for alcoholic beverages and miscellaneous goods and services.

Philippines Inflation Rate Eases in November


National Statistics Office l Rida l rida@tradingeconomics.com
12/5/2014 9:13:12 AM