Philippines: Inflation cools down further to 4.1% in November 2023

Pak Wan
Market & Price Trends
Published Dec 6, 2023

Tridge summary

The inflation rate in the Philippines slowed to its lowest in 20 months in November, mainly due to a decrease in food and transport costs. Inflation stood at 4.1% last month, lower than the 4.9% rate in October and the 8% rate in November 2022. Inflation in the country has decelerated for two consecutive months, but the year-to-date figure still remains above the government's target range of 2% to 4%.
Disclaimer: The above summary was generated by a state-of-the-art LLM model and is intended for informational purposes only. It is recommended that readers refer to the original article for more context.

Original content

At a press briefing, National Statistician and PSA chief Claire Dennis Mapa said inflation — which measures the rate of increase in the prices of consumer goods and services — clocked in at 4.1% last month, slower than the 4.9% rate recorded in October and the 8% rate in November 2022. This is the second straight month of deceleration in the headline inflation following two straight months of acceleration. Last month’s rate is the slowest on record since March 2022, when inflation stood at 4%. It also fell within the Bangko Sentral ng Pilipinas’ (BSP) forecast range of 4% to 4.8%, consistent with the central bank’s expectations “that inflation will likely moderate over the near term due to easing supply-side price pressures and negative base effects.” November’s inflation print brought the year-to-date figure to stand at 6.2%, still above the government’s ceiling of 2% to 4%. In a separate statement, National Economic and Development Authority (NEDA) Secretary Arsenio Balisacan ...
Source: Gmanetwork
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