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Philippines inflation rate hits 20-month low in November with lower food prices

Dec 05, 2023

Manila [Philippines], December 5: Year-on-year inflation in the Philippines further eased to 4.1 percent in November, the lowest since March 2022, mainly due to lower food prices, the Philippine Statistics Authority (PSA) said Tuesday.
The November inflation rate, down from 4.9 percent in October, brought the national average inflation from January to November this year to 6.2 percent. In November 2022, the inflation rate was higher at 8 percent.
In a press conference, PSA's head Dennis Mapa said the drop in the overall inflation in November was primarily brought about by the lower year-on-year growth rate of the heavily weighted food and non-alcoholic beverages at 5.7 percent in November from 7 percent in October.
Mapa said the restaurants and accommodation services, which slowed to 5.6 percent in November from 6.3 percent in the previous month, also contributed to easing the overall inflation rate in November.
Core inflation, which excludes selected food and energy items, decreased to 4.7 percent in November from 5.3 percent in October. The average core inflation for January to November stood at 6.8 percent.
"The government needs to monitor the inflation situation in the face of continued price pressures coming from geopolitical tensions and extreme weather situations, further fueling uncertainty," National Economic and Development Authority Secretary Arsenio Balisacan said.
Citing data from the state weather bureau, Balisacan warned, "A strong El Nino is already present in the country and is projected to intensify in the coming months until the second quarter of 2024."
"This could bring below-normal rainfall across the country and disrupt food production and energy generation," Balisacan said.
Source: Xinhua