December Inflation Rate Down to 2.8%

MANILA, Philippines—The National Statistics Office (NSO) released its latest inflation report on Wednesday, December 5. Current data revealed that year-on-year headline inflation rate was down to 2.8% in November which is 0.3% lower than the 3.1% mark in October.

According to the NSO, “It resulted from the deceleration in the annual growths posted in the indices of food and non-alcoholic beverages; housing, water, electricity, gas and other fuels; and transport. Inflation year ago was 4.7 percent.”

For the same reason, annual inflation has also slowed down in the National Capital Region (NCR) and Areas Outside NCR (AONCR) with 2.6% and 2.9% marks, respectively.

While NCR inflation dipped to 2.6% in November from 2.9% in October, AONCR inflation performed even better when it slipped to 2.9% from 3.3% on the same comparative period.

The province of Ilocos still nabbed the lowest annual rate with only 0.8% inflation mark, while Central Visayas was likely stuck with the highest regional inflation at 7.1%.

NSO also noted that core inflation rate for November went down to 3.4% from 3.6% in October, exclusive of selected food and energy items.

So far, the 2.8% November inflation happens to hold the third spot among the lowest recorded rates from January to November 2012 behind 2.6% in March and 2.7% in February.

Meanwhile, consumer items in the country for the current year rose to 0.1% in November from -0.1% in October due to higher electricity charges and increments in the prices of alcoholic beverages, clothing items, fast-food meals, and personal care products.