The Philippine Statistics Authority revealed that November inflation increases to 1.3 percent, accelerated rate after 5 months of decreasing inflation.
Report from Business Mirror emphasized that despite the increased of November’s inflation, economic experts stated that the target within the annual inflation rate is within the target.
The rising prices of oil and weakening peso significantly influence the inflation rate of the Philippines.
The growth of November inflation is attributed by the following factors:
- Alcoholic beverages and tobacco, 17.6%;
- Housing, water, electricity, gas, and other fuels, 1.2%;
- Furnishing, household equipment and routine maintenance of the house, 2.8%;
- Health, 3.1%; and
- Communication, 0.3%.
“The index of the heavily-weighted food and non-alcoholic beverages registered an annual growth of zero percent in November 2019,” PSA reported.
The factors which contributed to slower growth gain for November are the following:
- clothing and footwear at 2.6 percent
- restaurant and miscellaneous goods and services 2.7 percent.
- transport index went down further by 2.4
Moreover, indices of rice, corn, and sugar, jam, honey, chocolate and confectionery continue to decrease.
Last year’s inflation rate on the same month amounted to 6.0 percent.
Central Luzon (2.2 percent) has the highest inflation rate for the month of November while Zamboanga remained to acquire the lowest rate of -0.5 percent.
Meanwhile, NCR posted an inflation rate of 1.2 percent.
“Annual increases were higher in the indices of food and non-alcoholic beverages at 2.2 percent; and alcoholic beverages and tobacco, 11.8 percent. In addition, the annual rate of housing, water, electricity, gas, and other fuels rose by 0.7 percent from -0.2 percent in the previous month,” PSA revealed.
Respectively, Business Mirror cited the other Southeast Asian countries recorded the following inflation rate for November: Vietnam, 3.52 percent; Indonesia, 3.00 percent; Malaysia, 1.1 percent; and Thailand, 0.21 percent.
Sources: https://psa.gov.ph/statistics/survey/price/summary-inflation-report-consumer-price-index-2012100-november-2019 and https://businessmirror.com.ph/2019/12/06/november-inflation-and-global-food-prices/