Year-on-year headline inflation slowed to 1.5 percent in November from 1.7 percent in October, staying well within the Bangko Sentral ng Pilipinas’ forecast range of 1.1 to 1.9 percent for the month.
Average inflation from January to November settled at 1.6 percent, below the government’s target of 3.0 percent ± 1.0 percentage points.
Food inflation eased as price increases for vegetables and meat continued to slow. Meat supply improved after the lifting of the chicken import ban, while vegetable supply stabilized. Rice prices also declined in November, though at a slower pace.
Non-food inflation, however, picked up due to higher electricity rates and rising domestic prices of select petroleum products.
Seasonally adjusted month-on-month inflation was flat in November, following a 0.1 percent increase in October. Core inflation also eased to 2.4 percent from 2.5 percent in the previous month.
The November figures point to a benign inflation environment, the BSP said. The central bank added that it will continue to monitor domestic and global developments that could influence the inflation and growth outlook, consistent with its data-dependent approach to monetary policy.