Philippines Inflation Rate at Over 3-Year High of 4%
Consumer prices in the Philippines increased 4 percent year-on-year in January of 2018, accelerating from a 3.3 percent rise in previous month and above market expectations of a 3.5 percent gain. It was the highest inflation rate since October 2014, as cost of food and transport surged while cost of housing continued to increase.
In January, prices of heavily-weighted food and non-alcoholic beverages increased at a faster 4.5 percent, after a 3.5 percent rise in the preceding month. Also, prices rose more for: transport (3.2 percent from 2.4 percent); health (2.6 from 2.2 percent); furnishing, household equipment and routine maintenance (2 percent from 1.9 percent); restaurant & miscellaneous goods & services (3.7 percent from 3 percent); and alcoholic beverages & tobacco (12.3 percent from 6.4 percent) while inflation was steady for: clothing and footwear (1.8 percent); communication (0.4 percent), and education (2.2 percent).
Prices slowed for both housing, water electricity, gas & other fuels (3.7 percent from 3.8 percent in December 2017) and recreation and culture (1.4 percent from 1.5 percent).
Core inflation rate went up to a near 5-year high of 3.9 percent in January 2018 from 3 percent in December 2017.
On a monthly basis, consumer prices rose 1 percent, following a 0.3 percent rise in December. It was the highest inflation since February 2011. Prices increased for most categories: food (1.5 percent); housing, water, electricity, gas & other fuels (0.1 percent); transport (0.4 percent); alcoholic beverages & tobacco (5.9 percent); clothing & footwear (0.5 percent); furnishing, household maintenance and routine maintenance (0.4 percent); health (0.7 percent); recreation and culture (0.1 percent), and restaurant and miscellaneous goods and services (0.9 percent). Cost was flat for education and communication.
2/6/2018 11:40:13 AM