Inflation drops further to 4.1% in November

Metro Manila (CNN Philippines, December 5) — The country’s inflation rate continued its slowdown, dropping to 4.1% in November, the Philippine Statistics Authority (PSA) reported on Tuesday.

Data from the PSA showed the rate slid from the 4.9% booked in October.

November’s inflation rate is within the 4% to 4.8% forecast range of the Bangko Sentral ng Pilipinas for the month.

During the briefing, National Statistician Dennis Mapa said the latest data brings the average inflation from January to November to 6.2%, still outside the government’s target range of 2% to 4%.

He said the main drivers of the deceleration included the slower rate increases in food and non-alcoholic beverages, transport, and restaurants and accommodation services.

Mapa said while they were seeing an uptrend in rice and egg prices, food inflation still cooled to 5.8% in the period owed to meat, vegetables, and fish.

Authorities have been monitoring the price increases in rice, even prompting President Ferdinand Marcos Jr. to impose a cap in September. For eggs, Mapa said the minimal increments have been noted since late 2021.

Meanwhile, the inflation rate in Metro Manila as well as areas outside the capital also fell to 4.2% and 4.1%, respectively. Out of all the regions, only the Bangsamoro Autonomous Region recorded a jump.

The BARRM posted the hottest inflation at 5.9% in November, while Cagayan Valley had the slowest at 2.4%.

For the last month of 2024, Mapa expects that the downtrend will continue if there would be no shocks in the next three weeks.