November inflation rate down to 2.8%
MALACANANG on Tuesday announced that inflation for the month of November had slowed down 2.8% from October’s 3.1%.
This comes at a time when the Philippine economy is growing at a strong 7.1%, contrary to the common notion that rapid economic growth is usually accompanied by inflationary pressures, according to a statement released by the office of the Presidential spokeperson, .
According to the National Statistics Office, the easing of inflation is due to stable prices of food and non-alcoholic beverages, utilities, and transportation.
This small reduction in inflation brings the consumer price index from January to November this year to 3.2% or well within the lower range of the medium-term target of 3-5% set in the Philippine Development Plan, the statement said.