PH Inflation Eases to 6% in November; First Time in 2018 for Prices to Slow
The Philippine headline inflation eased to six percent year-on-year in November from 6.7 percent in October, the Philippine Statistics Authority (PSA) announced on December 5.
This is the first time the movement at which the prices of consumer goods accelerate in the country has gone down since the start of the year, as it has continuously picked up from 3.4 percent in January to level at 6.7 percent in September and October.
In a joint statement in September, the Duterte administration’s economic managers comprising of officials of the National Economic Development Authority (NEDA), Department of Finance (DOF) and Department of Budget Management (DBM) expressed confidence that inflation will taper off by the end of the year.
“These clear signs of easing boost our confidence that inflation will taper off by year-end and go back to our target range by early next year. But we must couple this optimism with quick and focused actions in order to sustain gains made so far in keeping inflation in check,” the economic team wrote.
The PSA noted that the slowdown in the annual increases in prices were manifested in the following commodity baskets: food and non-alcoholic beverages at 8.0 percent; housing, water, electricity, gas and other fuels, 4.2 percent; and communication, 0.4 percent.
Prices of consumer goods in the National Capital Region also further decelerated year-on-year to 5.6 percent from 6.1 percent in October. In fact, every region in the country saw inflation slowdowns in November except for Central Luzon, which maintained it at 4.4 percent.
Central Luzon also recorded the slowest increases in prices, while the Bicol Region still had the fastest increases in consumer goods at 8.9 percent.