Philippines Inflation Rate at 35-Month High of 3.5% in October

Consumer prices in the Philippines rose 3.5 percent year-on-year in October of 2017, following a 3.4 percent increase in the previous month and matching market expectations. It was the highest inflation rate since November 2014, as cost of housing increased at a faster pace while cost of food and transport went up further.

In October, prices increased at a faster pace for: alcoholic beverages & tobacco (6.8 percent from 6.4 percent in September); housing, water electricity, gas & other fuels (4.0 percent from 3.8 percent); communication (0.4 percent from 0.3 percent) and restaurant & miscellaneous goods & services (2.6 percent from 2.4 percent). Prices of heavily-weighted food and non-alcoholic beverages also increased by 3.6 percent, the same as in the preceding month. Meantime, cost went up less than in a month earlier for: clothing and footwear (1.9 percent from 2.0 percent); health (2.2 percent from 2.3 percent) and transport (4.2 percent from 4.8 percent); while was steady for: furnishing, household equipment and routine maintenance (1.8 percent) and education (2.3 percent).

Core consumer prices edged up 3.2 year-on-year from 3.3 percent in the prior month.

On a monthly basis, consumer prices rose 0.3 percent, slower than a 0.5 percent rise in September. Prices increased for: food (0.4 percent); alcoholic beverages & tobacco (0.5 percent); clothing & footwear (0.1 percent); housing, water, electricity, gas & other fuels (0.3 percent); furnishing, household maintenance and routine maintenance (0.1 percent); health (0.1 percent); communication (0.1 percent); recreation & culture (0.2 percent) and restaurant and miscellaneous goods and services (0.4 percent). On the other hand, cost fell for transport (-0.3 percent). Cost was flat for education.

For 2017, the government expects inflation to be in a range between 2 to 4 percent.

Philippines Inflation Rate at 35-Month High of 3.5% in October

PSA l Rida Husna |
11/7/2017 5:57:29 AM