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.
12/5/2014 9:13:12 AM