Philippines Inflation Rate At 28-Month High Of 3.4%


Consumer prices in Philippines rose 3.4 percent year-on-year in March of 2017, following a 3.3 percent increase in February and matching markets expectations. It was the highest inflation rate since November 2014, driven by a faster rise in cost of housing and utilities while prices of food and transport increased further.

In March, upward price pressures came from all components: alcoholic beverages and tobacco (6.4 percent from 6.0 percent in the prior month), clothing and footwear (2.9 percent from 2.8 percent); housing, water, electricity, gas and other fuels (4.0 percent from 2.9 percent); furnishing, households equipment and routine maintenance (2.5 percent from 2.3 percent), health (2.8 percent from 2.6 percent), transport (2.6 percent from 2.8 percent), communication (0.2 percent from 0.2 percent), recreation and culture (1.8 percent from 1.8 percent), education (1.8 percent from 1.8 percent) and restaurants and miscellaneous goods and services (1.7 percent from 2.1 percent). Prices of heavily-weighted food and non-alcoholic beverages also went up 4.0 percent, compared to a 4.1 percent rise in February. 

Core consumer prices rose 2.9 percent year-on-year, following a 2.7 percent rise in a month earlier and marking the highest figure since October 2014.

On a monthly basis, consumer prices went up 0.2 percent, after gaining 0.3 percent in the prior month.  It was the lowest level since October 2016, as prices increased for: alcoholic beverages and tobacco (0.8 percent); clothing and footwear (0.2 percent); housing, water, electricity, gas and other fuels (1.0 percent); furnishing, households equipment and routine maintenance (0.3 percent); health (0.2 percent), recreation and culture (0.1 percent) and restaurant and miscelleneous goods and services (0.1. percent). In contrast, cost of food and non-alcoholic beverages  fell 0.4 percent while cost of communication and education remained unchanged.

Philippines Inflation Rate At 28-Month High Of 3.4%


PSA l Rida Husna | rida@tradingeconomics.com
4/5/2017 2:04:48 AM