Philippine inflation rate

Inflation slows further to 4.1% in November 2023

Ralf Rivas

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Inflation slows further to 4.1% in November 2023

FRESH PRODUCE, HIGH PRICES. Consumers buy vegetables at the Agora Public Market in San Juan City on February 21, 2023.

Jire Carreon/Rappler

(1st UPDATE) Average inflation from January to November stands at 6.2%, still beyond the government's target band of 2% to 4%

MANILA, Philippines – Inflation eased for the second straight month to 4.1% in November, the Philippine Statistics Authority reported on Tuesday, December 5.

The latest figure is lower than the 4.9% reported in October, as easing prices of vegetables and petroleum products, along with the strengthening of the peso, contributed to downward price pressures.

The downtrend was primarily brought about by the decrease in food inflation to 5.8% from 7.1% in October.

Deflation was observed in vegetables (-2% from 11.9%), while lower inflation rates were seen in fish (4.9% from 5.6%), meat (0.5% from 0.8%), sugar (1.5% from 4.9%), bread and other cereals (6.9% from 7.4%), and fruits (13.1% from 13.5%).

Deflation was also seen in transportation, from 1% to -0.8%. 

Average inflation from January to November stands at 6.2%, still beyond the government’s target band of 2% to 4%.

Inflation in the National Capital Region decelerated to 4.2% from 4.9%. Similar to the trend at the national level and in NCR, inflation rate in areas outside NCR decelerated to 4.1% from 4.9%.

All regions outside NCR recorded slower inflation rates during the month, except for the Bangsamoro Autonomous Region in Muslim Mindanao, which registered the highest figure at 5.9%. Among the regions, Cagayan Valley recorded the lowest inflation rate for the second consecutive month at 2.4%.

The government is unlikely to bring inflation down within the desirable range in the near future and will continue aiming to do so until 2025, according to projections of the Bangko Sentral ng Pilipinas.

President Ferdinand Marcos Jr.’s economic managers earlier said they are still on the lookout for the possible inflationary impact of El Niño and geopolitical uncertainties.

“With the right interventions in place, including the proper and timely deployment of trade policy, we are confident that we can effectively manage inflation and prevent unnecessary upticks in prices of goods and commodities to safeguard the purchasing power of Filipino families, especially those from the most vulnerable sectors,” National Economic and Development Authority Secretary Arsenio Balisacan said.

Balisacan added that the Toll Regulatory Board and the Department of Agriculture are finalizing the details of the plan to exempt agriculture delivery trucks from toll increases to mitigate inflationary pressures. – Rappler.com

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Ralf Rivas

A sociologist by heart, a journalist by profession. Ralf is Rappler's business reporter, covering macroeconomy, government finance, companies, and agriculture.