Inflation rate down to 3.2 percent – NSO
THE National Statistics Office (NSO) announced that the country’s annual average headline inflation rate slowed to 3.2 percent in 2012 from 4.6 in 2011.
This is the slowest pace inflation has grown on a year-on-year basis since 2008, the NSO said.
Meanwhile, the monthly inflation rate for December increased marginally to 2.9 percent from November’s 2.8 percent.
The rate is considerably lower than the 4.2 percent inflation rate of December 2011. According to NSO, this was due to higher annual rates in the food and non-alcoholic beverages and alcoholic beverages and tobacco indices.
Considering the strong performance of the Philippine economy, which grew at 7.1 percent in the third quarter of 2012, the 2012 inflation rate has remained stable and well within the 3 to 5 percent target set in the Philippine Development Plan (2011-2016).