MANILAslot8, Philippines — The Philippines' headline inflation increased to 2.5% in November 2024, up from 2.3% in October 2024, the Philippine Statistics Authority (PSA) reported on Thursday, December 5.

From January to November 2024, the country’s national average now stands at 3.2%. 

In November 2023, inflation stood at 4.1%. 

Core inflation was also recorded at 2.5%, which was a slight increase from October 2024’s 2.4%.

The PSA said the increase in November 2024 was driven by a faster rise in the prices of heavily weighted food and non-alcoholic beverages, which rose to 3.4% from 2.9% in October 2024.

Around 159 OFWs awaiting repatriation are staying at Philippine government-run shelters in Lebanon, Cacdac noted.

Petro Gazz, Cleanfuel, PTT Philippines and Seaoil would implement the same price adjustments, except for kerosene, which they do not offer.

Transport also saw a slower year-on-year decrease of 1.2% in November 2024, compared to 2.1% in the previous month.

The PSA also noted higher annual increments in the following commodity groups: 

Meanwhile, clothing and footwear, housing, water, electricity, gas and other fuels, as well as recreation, sport and culture registered flower inflation rates.   

While several commodity groups recorded slower inflation rates, they still had large contributions to overall inflation. 

The PSA also reported that national food inflation rose to 3.5% in November 2024, up from 3.0% in October 2024.

“The acceleration of food inflation in November 2024 was primarily brought about by the year-on-year increase in the index of vegetables, tubers, plantains, cooking bananas and pulses at 5.9% during the month from a 9.2% annual decline in October 2024,” the PSA said in its report. 

The three main contributors to food inflation were cereals and cereal products (rice, corn etc.), meat and other slaughtered products, as well as vegetables, tubers and plantains. 

Inflation in the National Capital Region saw a sharp increase, rising from 1.4% in October 2024 to 2.2% in November 2024.

In areas outside Metro Manila, inflation remained steady at 2.6% in November 2024, the same rate recorded in the previous month.

The Bangko Sentral ng Pilipinas said that November’s inflation was still within their forecast range, adding that it was indicative of inflation staying within the lower end of their target. They also noted that supply pressures for key food items, such as rice, have eased.

“Nonetheless, the balance of risks to the outlook for 2025 and 2026 has shifted toward the upside. Upside risks to the inflation outlook could emanate from the potential adjustments in electricity rates and higher minimum wages in areas outside Metro Manila, while, downside factors continue to be linked to the impact of lower import tariffs on rice,” the BSP said in a statement. 

The National Economic and Development Authority (NEDA) said that government measures to curb inflation pressures have worked. 

However, the string of cyclones and calamities that affected the Philippines in October and November has its consequences, it added. 

“Despite the strong typhoons our country faced in recent months, consumer prices have remained relatively stable. This demonstrates the resilience of our economy and the effectiveness of our policies,” NEDA Secretary Arsenio Balisacan said.

The government recently revised several key economic targets for 2024slot8, including inflation. The government’s inflation target was previously at 2% to 4%. It is now at a narrower 3.1% to 3.3% for 2024. 

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