Philippines Inflation Rate at 3-Month Low of 3.3% in November
Consumer prices in the Philippines rose 3.3 percent year-on-year in November of 2017, following a 3.5 percent increase in the previous month and matching market expectations. It was the lowest inflation rate since August, mainly due to a slowdown in cost of food.
12/5/2017 2:59:11 AM
In November, prices increased at a softer pace for: alcoholic beverages & tobacco (6.1 percent from 6.8 percent in October); clothing and footwear (1.8 percent from 1.9 percent) and education (2.2 percent from 2.3 percent). Prices of heavily-weighted food and non-alcoholic beverages increased by 3.2 percent, slower than a 3.6 percent rise in the preceding month. Cost went up at a faster rate for: housing, water electricity, gas & other fuels (4.2 percent from 4.0 percent); transport (4.4 percent from 4.2 percent); recreation and culture (1.6 percent from 1.5 percent) and restaurant & miscellaneous goods & services (2.9 percent from 2.6 percent) while inflation was steady for: furnishing, household equipment and routine maintenance (1.8 percent); health (2.2 percent) and communication (0.4 percent).
Core consumer prices also went up 3.3 from a year earlier from 3.2 percent gain in the prior month.
On a monthly basis, consumer prices rose 0.5 percent, after a 0.3 percent rise in October. Prices increased for most categories: food (0.5 percent); alcoholic beverages & tobacco (0.7 percent); clothing & footwear (0.1 percent); housing, water, electricity, gas & other fuels (0.5 percent); furnishing, household maintenance and routine maintenance (0.1 percent); health (0.1 percent); transport (0.4 percent); communication (0.1 percent); recreation and culture (0.2 percent) and restaurant and miscellaneous goods and services (0.4 percent). Cost was flat for education.
For 2017, the government expects inflation to be in a range between 2 to 4 percent.