Inflation accelerates to 3.3% in November

Headline inflation accelerated in November 2017 from a year earlier, albeit slower compared with October this year, data released by the Philippine Statistics Authority (PSA) on Tuesday showed.

Inflation clocked in at 3.3 percent in November, faster than 2.5 percent in November 2016, but slower than 3.5 percent last October.

The inflation drivers last inflation included the following commodity groups:

 

• Housing, water, electricity, gas and other fuels

• Transport

• Recreation and culture

• Restaurant and miscellaneous goods and services

 

Still on track

 

The Manila Electric Co. (Meralco) imposed higher rates in November, equivalent to P0.3436 per kilowatt-hour (kWh).

Pump prices of petroleum products also rose two times during the month.

Lower markups were recorded in alcoholic beverages and tobacco, clothing and footwear, and education, according to the PSA.

Bangko Sentral ng Pilipinas (BSP) Governor Nestor Espenilla Jr., noted the latest inflation rate was expected and in line with an outlook of 2.9 to 3.6 percent.

"The easing of inflation in November was expected, following October peak," Espenilla said in a text message to reporters.

"We're still on track with 3.2 percent inflation for 2017, just about the mid-point of target range," he added.

The BSP inflation target for the year is 2.0 to 4.0 percent. — VDS, GMA News