MANILA, Philippines—The country’s inflation slowed to 4.8 percent in November from 5.2 percent in October due to slower price hikes in food, utilities, transport and other items, according to the National Statistics Office (NSO).
The NSO based its data on a new series using 2006 prices.
The agency reported slower rates of increase in the heavily weighted food and non-alcoholic beverages (4.8 percent in November from 5.7 percent in October); housing, water, electricity, gas and other fuels (5.7 percent from 6.5 percent); furnishing, household equipment and routine maintenance of the house (2.3 percent from 2.5 percent); health (3.1
percent from 3.4 percent); transport (6.6 percent from 6.7 percent); and education indexes and a decrease in the communication index (4.7 percent from 5.1 percent).
The food and non-alcoholic beverages index at the national level also came in slower at 4.8 percent in November from 5.7 percent in October. Housing, water, electricity, and gas and other fuels likewise eased to 5.7 percent.
Inflation in January came in at 4.1 percent. It peaked at 5.2 percent in June and again in October.
The Bangko Sentral ng Pilipinas set its 2011 inflation target between 3 to 5 percent.
“In terms of the upward pressures on prices, October was a more difficult month. Food and fuel prices were exerting tremendous pressure on prices last October,” Cid L. Terosa of the University of Asia and the Pacific said in a text message.—With a report from Reuters