Financial News: Philippine Inflation Rises To 2.9%, Highest In 4

Philippine Inflation Rises To 2.9%, Highest In 4 Months

(RTTNews) - The Philippines' consumer price inflation accelerated more than expected in December to the highest level in four months, data from the Philippine Statistical Authority showed on Tuesday.

The consumer price index, or CPI, climbed 2.9 percent year-over-year in December, faster than the 2.5 percent rise in November. Meanwhile, economists had forecast inflation to increase slightly to 2.6 percent.

However, inflation remained within the central bank's target range of 2 to 4 percent.

The core inflation rate, which excludes the prices of selected food and energy items, also rose to 3.0 percent from 2.8 percent.

The annual price growth in utility costs quickened to 2.9 percent from 1.9 percent. Meanwhile, the decline in transport costs eased to 0.9 percent from 1.2 percent, which also pushed the inflation higher.

On the other hand, clothing and footwear costs grew at a slower pace of 2.4 percent annually versus a 2.6 percent gain in November.

Data showed that the annual average inflation rate for 2024 was 3.2 percent, compared to 6.0 percent in 2023.

Separate official data showed that the value of industrial production fell 3.9 percent year-over-year in November, reversing a 0.3 percent rise in October.

The downward trend was largely driven by the slower growth rate of the manufacture of food production segment, which grew 1.5 percent only in November after surging 7.1 percent in the prior month.

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