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
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