Philippines Records Drop in November Inflation at 4.1%

In a promising turn of events, the Philippines experienced a noteworthy decline in inflation, with the rate dropping to 4.1% in November 2023, as revealed in the latest report from the Philippine Statistics Authority (PSA) on December 5, 2023.

This marks the second consecutive month of a slowdown in the country’s headline inflation. In October 2023, the inflation rate stood at 4.9%, making the current decrease a positive trend.

The primary factor contributing to this easing of inflation is the notable deceleration of food inflation, which dipped to 5.8% in November. Breakdowns in specific food categories shed light on this positive shift. Vegetables, tubers, plantains, cooking bananas, and pulses collectively decreased to 2% from the previous 11.9%. Similarly, fish and other seafood saw a decline from 5.6% to 4.9%, while sugar, confectionery, and desserts recorded a substantial drop from 4.9% to 1.5%.

Examining the regional impact, the National Capital Region (NCR) experienced a slowdown in inflation to 4.2% in November, compared to 4.9% in October. Additionally, Areas Outside NCR (AONCR) witnessed a parallel decrease in inflation, dropping to 4.1% from the previous 4.9%.

This positive shift in inflation rates across both food categories and regions signifies a reassuring economic development for the Philippines in November, offering a more stable outlook for consumers and businesses alike. (ASC)