Inflation slows to 3.3% in November — NEDA
Lower food prices ended a four-month uptrend for inflation.
Prices of basic goods and services increased by 3.3 percent in November, slowing from 3.5 percent a month ago, the National Economic and Development Authority (NEDA) said on Tuesday, Dec. 5.
A decline in food prices from a year ago clipped overall inflation and ended four consecutive months of acceleration, with food costs up by just 3.2 percent, the lowest since October 2016.
In particular, the NEDA recorded lower prices of vegetables, sugar, jam, honey, chocolate and confectionery, fruits, oils and fats, and rice as supply stabilizes, thereby bringing down prices.
On the other hand, non-food inflation picked up to 3.3 percent from 3.2 percent in October.
“Over the near term, we still expect risks coming from both domestic and external fronts,” NEDA Secretary Ernesto Pernia said, pointing out higher world crude prices as a concern.
“Overall, however, the inflation outlook for full year 2017 remains supportive of the current economic growth momentum of the country,” Pernia added.
Year-to-date inflation remains at 3.2 percent.