Philippine Consumer Price Inflation Accelerates In December

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Consumer prices in the Philippines grew 4.4% year-on-year in December faster than the 2.8% rise in the previous month, the National Statistics Office reported on Tuesday. Economists were looking for a headline inflation rate of 4.2%. The core inflation rate, which excludes selected food and energy items, accelerated to 3.2% from 2.7%.

The latest increase in consumer prices was attributed to an acceleration in the inflation rate of the heavily weighted food, beverages & tobacco index, up 5.2% in December compared to the 4.8% increase in November. Higher prices of fuel, light & water and services also contributed to the uptick, the statistical office said.

On a monthly basis, consumer prices increased 0.6% in December. That came above expectations for a 0.4% increase and adds to the 0.6% gain in November.

Consumer prices in the Philippines grew 4.4% year-on-year in December faster than the 2.8% rise in the previous month, the National Statistics Office reported on Tuesday. Economists were looking for a headline inflation rate of 4.2%. The core inflation rate, which excludes selected food and energy items, accelerated to 3.2% from 2.7%. (Market News Provided by RTTNews)