MANILA – The country’s inflation rate declined for three consecutive months to 3.3 percent in November from previous month’s 3.5 percent due mainly to lower food prices, the Philippine Statistics Authority (PSA) reported Tuesday.
The PSA, an attached agency of the National Economic and Development Authority (NEDA), said headline inflation stood at 3.2 percent in January to November.
“Inflation during the last 11 months suggests that the full-year average might settle slightly above midpoint, but will still be well within our target of 2 to 4 percent. This already considers expected price spikes owing to holiday season spending this December,” said Socioeconomic Planning Secretary Ernesto M. Pernia.
Inflation for heavily-weighted food and non-alcoholic beverages eased to 3.2 percent in November 2017, lower than October’s 3.6 percent. This was the lowest rate recorded since October 2016.
The PSA said lower prices of vegetables, sugar, jam, honey, chocolate and confectionery, fruits, oils and fats, and rice pulled down food prices.
Excluding selected food and energy items, core inflation moved up faster to 3.3 percent in November 2017 from the previous month’s 3.2 percent.
Inflation in National Capital Region (NCR) remained at 4.9 percent in November.
Following the same trend at the national level, prices in areas outside NCR eased to 2.8 percent last month from 3 percent in October.
“Overall, however, the inflation outlook for the full year 2017 remains supportive of the current economic growth momentum of the country,” Pernia added.