Shopper inspect merchandise inside a mall in Las Piñas, Metro Manila.
MANILA – Inflation cooled for the first time in 5 months in November as the increase in prices of food, and alcoholic beverages and tobacco slowed, offsetting the impact of gains in fuel and transport costs, data showed on Tuesday.
The consumer price index rose 3.3 percent last month from a year ago, the Philippine Statistics Authority said, matching the median forecast in a Reuters poll and slower than the 3.5 percent reading in October.
It was within the central bank’s 2.9 to 3.6 percent projection for the month.
The November rate brought average inflation this year to 3.2 percent, above the midpoint of the government’s target range of 2 to 4 percent.
Core inflation, which strips out volatile food and fuel items, stood at 3.3 percent, slightly faster than October’s 3.2 percent.
Consumer prices rose 0.5 percent in November from a month ago. (Reuters)