INFLATION continued to decelerate in August, the National Statistics Office (NSO) reported this morning, due to declines in housing and utility rates.
Prices inched up by 2.1% last month, the lowest since August 2009, pulling down the year-to-date inflation rate to 2.8%.
Inflation came in at 2.5% in July and 3.8% in August the year before.
The latest inflation results open room for more easing by the Bangko Sentral ng Pilipinas, which has set an inflation target of 3-5% for this year.
In a statement, NSO said it had noted a decrease in the housing, water, electricity, gas and other fuels index.
“Contributing also to the downtrend were the slower annual increments in the indices of food and non-alcoholic beverages; alcoholic beverages and tobacco; clothing and footwear; furnishing, household equipment and routine maintenance of the house; and transport,” it said.
PHILIPPINE INFLATION RATE
The inflation rate in Philippines was recorded at 2:50 percent in July of 2013. Inflation Rate in Philippines is reported by the The National Statistics Office (NSO). Philippines Inflation Rate averaged 8.98 Percent fron 1958 until 2013, reaching an all time high of 62.80 Percent in September of 1984 and a record low of -2.10 Percent in January of 1959. In Philippines, the most important categories in the Consumer Price Index are: food and non-alcoholic beverages (39 percent of total weight); housing, water, electricity, gas and other fuels (22 percent) and transport (8 percent). The index also includes health (3 percent), education (3 percent), clothing and footwear (3 percent), communication (2 percent) and recreation and culture (2 percent). Alcohol beveragesd, tobacco, furnishing, household equipment, restaurants and other goods and services account chart, statistics, economic calendar and news. 2013-08-07