Headline inflation slowed down to 6% in November 2018, lower than the 6.7% recorded in September and October 2018 and nearer the low end of the Bangko Sentral’s month-ahead forecast of 5.8 to 6.6%.
The lower inflation rate compared to the previous months - 6.4% in August and 6.7% in September and October - proved the government economic team’s assessment that inflation had peaked in the third quarter of this year.
It could also be traced to the series of rollbacks in oil price increases.
Excluding selected food and energy items, the Philippine Statistics Authority said core inflation continued to move upward as it settled at 5.1 percent in November 2018. In the previous month, core inflation was recorded at 4.9 percent and in November 2017, 2.4 percent.
The November figure is, however, still double the 3% recorded a year ago in November 2017.
The slowdown in the annual increases in prices was noted in the indices of food and non-alcoholic beverages at 8%; housing, water, electricity, gas and other fuels, 4.2%; and communication, 0.4%.
The education index continued to post an annual rate of -3.8%, while the transport index retained its previous month’s annual rate of 8.9%. The rest of the commodity groups exhibited higher annual mark-ups.
The annual gain in food index further eased to 7.7 percent in November 2018. In the previous month, its annual rate was noted at 9.2 percent and in November 2017, 3.1 percent. (Ventures Cebu)