11-month average of 3.8% still within gov’t target
THE RISE in consumer prices was faster at 3 percent year-on-year in November mainly due to an uptick in the cost of utilities, the National Statistics Office reported yesterday.
Inflation last month put the average for January to November at 3.8 percent, which Economic Planning Secretary Cayetano Paderanga said was still well within the government’s target range of 3.5 to 5.5 percent for the full year.
The rise in the cost of living in November rose from 2.8 percent recorded in the same month of 2009. Compared with the October level, the consumer price index rose 0.6 percent, the same rate record in the previous month.
Paderanga said Philippine inflation figures reflected Southeast Asian trends where consumer prices continued to be within their respective targets.
“Despite the apparent steady inflation rates in the region, respective central banks remained vigilant in maintaining price stability,” Paderanga said.
In November, price increases for the subgroup fuel, light and water surged to 12 percent year-on-year from 8.3 percent in October.
Increases in the prices of services as well as in housing and repairs picked up slightly to 3.8 percent and 1.9 percent, respectively, from 3.7 percent and 1.8 percent.
On the other hand, increases in the prices of the heavily weighted food, beverage and tobacco category continued to slow down--settling at 1.9 percent from 2 percent.
The rise in prices of clothing also eased to 1.7 percent from 1.9 percent. The increase in the prices of miscellaneous items remained at 1.2 percent.
NSO Administrator Carmelita N. Ericta said in a statement that the annual inflation for food alone fell further to 2 percent from the previous month’s 2.9 percent.
Ericta said prices of fish and miscellaneous food times picked up while those for rice, cereal preparations, dairy, eggs and meat slowed down.
Prices of corn as well as fruits and vegetables continued their decline in November.
British investment bank Barclays Capital said in a report issued yesterday that the November inflation was a surprise considering that the market expected 2.5 percent.
“Into 2011, we expect food prices to rise, especially given the increase in international food commodity prices, with rice prices being key,” Barclays Capital said.
“However, we believe fuel-related costs will continue to serve as a dampening factor, given our in-house forecast that oil will average $85 a barrel in 2011,” it added.
No comments:
Post a Comment