Inflation eases to 6% in November

MANILA, Philippines — Inflation eased to a four-month low of 6 percent in November as average consumer prices that month declined compared to prices last October.

National Statistician Lisa Grace Bersales told a press conference Wednesday that the month-on-month inflation rate declined by 0.3 percent, the first time that prices dropped compared to the previous month since February 2016.

In February 2016, the month-on-month inflation decline was 0.2 percent.

Year-on-year inflation in November was the lowest since the 5.7-percent print last July.

However, headline inflation during the first 11 months averaged 5.2 percent, remaining above the government’s target range of 2-4 percent.

International crude prices have fallen of late, while the government addressed food supply constraints through administrative orders issued by President Duterte, which eased importation.

Inflation hit over nine-year highs of 6.7 percent year-on-year in September and October due to skyrocketing global oil prices as well as domestic food price pressures, especially on rice, during that time. /cbb