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Advocates Philippines
PH Records Lowest Inflation Rate For 2023 In December
Photo credit: NPDC
The Philippines' headline inflation rate for December 2023 marked a significant decline, reaching 3.9 percent, making it the lowest inflation rate for the entire year. This positive trend follows November 2023's 4.1 percent and December 2022's notably higher rate of 8.1 percent.
The primary contributors to the decreased overall inflation in December 2023 were the lower year-on-year growth in the housing, water, electricity, gas, and other fuels index, along with a slight dip in food and non-alcoholic beverages.The top three commodity groups contributing to the December 2023 overall inflation were food and non-alcoholic beverages, restaurants and accommodation services, and housing, water, electricity, gas, and other fuels.
The annual average inflation rate for 2023 stood at 6.0 percent, slightly higher than the 2022 annual average of 5.8 percent.
Food inflation at the national level eased to 5.5 percent in December 2023 from 5.8 percent in the previous month, with a notable decrease in vegetable prices and a slower rise in meat and other animal products. The deceleration of food inflation in December 2023 was primarily driven by a faster year-on-year decrease in vegetables, tubers, and pulses, along with a slower inflation rate in meat and oils and fats. Cereals and cereal products, fish and other seafood, and milk, other dairy products, and eggs were the primary contributors to food inflation in December 2023.
The annual average food inflation rate for 2023 was observed at 8.0 percent, showing an increase from the 2022 annual average of 6.1 percent. Core inflation, excluding selected food and energy items, decelerated to 4.4 percent in December 2023 from 4.7 percent in the previous month, with an average core inflation rate for 2023 at 6.6 percent.
Inflation rate in the National Capital Region (NCR) and Areas Outside NCR (AONCR) also showed a decline in December 2023. NCR's inflation rate was influenced by slower increases in housing, water, electricity, gas, and other fuels. In AONCR, deceleration was observed in housing, food and non-alcoholic beverages, and personal care and miscellaneous goods and services.
The primary contributors to the decreased overall inflation in December 2023 were the lower year-on-year growth in the housing, water, electricity, gas, and other fuels index, along with a slight dip in food and non-alcoholic beverages.The top three commodity groups contributing to the December 2023 overall inflation were food and non-alcoholic beverages, restaurants and accommodation services, and housing, water, electricity, gas, and other fuels.
The annual average inflation rate for 2023 stood at 6.0 percent, slightly higher than the 2022 annual average of 5.8 percent.
Food inflation at the national level eased to 5.5 percent in December 2023 from 5.8 percent in the previous month, with a notable decrease in vegetable prices and a slower rise in meat and other animal products. The deceleration of food inflation in December 2023 was primarily driven by a faster year-on-year decrease in vegetables, tubers, and pulses, along with a slower inflation rate in meat and oils and fats. Cereals and cereal products, fish and other seafood, and milk, other dairy products, and eggs were the primary contributors to food inflation in December 2023.
The annual average food inflation rate for 2023 was observed at 8.0 percent, showing an increase from the 2022 annual average of 6.1 percent. Core inflation, excluding selected food and energy items, decelerated to 4.4 percent in December 2023 from 4.7 percent in the previous month, with an average core inflation rate for 2023 at 6.6 percent.
Inflation rate in the National Capital Region (NCR) and Areas Outside NCR (AONCR) also showed a decline in December 2023. NCR's inflation rate was influenced by slower increases in housing, water, electricity, gas, and other fuels. In AONCR, deceleration was observed in housing, food and non-alcoholic beverages, and personal care and miscellaneous goods and services.
Jan 5, 2024
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