November inflation eases to 3.3%

 

By Rose de la Cruz

 

Headline inflation, year on year, eased slightly to 3.3 percent in November, from 3.5 percent the previous month, in pace with the Bangko Sentral ng Pilipinas’ forecast.

This brought the year to date average inflation to 3.2 percent which is within the government’s target.

Meanwhile, core inflation-which excludes certain volatile food and energy items to depict underlying price pressures-rose slightly to 3.3 percent in November compared to 3.2 percent in the previous month.

Month-on-month based on seasonal adjustments,   headline inflation was steady at 0.3 percent in November.

The lower November headline inflation was traced mainly to slower price increases in selected food items, particularly fruit and rice due to the start of the harvest season.

At the same time, vegetables, sugar, jam, and honey posted negative Year-on-year inflation rates in November, which also helped pull down inflation.

The deceleration was slightly offset by the rise in non-food inflation as a result of upward price adjustments for gasoline, diesel, liquefied petroleum gas (LPG), and kerosene due to the higher international price of crude oil and higher power rates in several regions.

BSP Governor Nestor A. Espenilla, Jr. noted that the latest inflation reading remains in line with the BSP's assessment of a manageable inflation environment over the policy horizon, with average inflation expected to settle slightly above the 2-4 percent target range for 2017-2019.

 

The Monetary Board will make a comprehensive review of the overall inflation outlook, output developments, liquidity, and credit activity on December 14, 2017 during its regular monetary policy assessment process.

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