We are pleased with the announcement that inflation for the month of November had slowed down to 2.8% from October’s 3.1%. This comes at a time when the Philippine economy is growing at a strong 7.1%, contrary to the common notion that rapid economic growth is usually accompanied by inflationary pressures.
According to the National Statistics Office, the easing of inflation is due to stable prices of food and non-alcoholic beverages, utilities, and transportation. This small reduction in inflation brings the consumer price index from January to November this year to 3.2% or well within the lower range of the medium-term target of 3-5% set in the Philippine Development Plan.
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