Philippines inflation cools for the first time in 5 months in November

[MANILA] Philippine inflation cooled for the first time in five months in November amid a slower increase in prices of food, and alcoholic beverages and tobacco, offsetting the impact of gains in fuel and transport costs, data showed on Tuesday.

The consumer price index rose 3.3 per cent 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 per cent reading in October.

It was within the central bank's 2.9-3.6 per cent projection for the month.

The November rate brought average inflation this year to 3.2 per cent, above the midpoint of the government's target range of 2-4 per cent.

Core inflation, which strips out volatile food and fuel items, stood at 3.3 per cent, slightly faster than October's 3.2 per cent.

Consumer prices rose 0.5 per cent in November from a month ago.

REUTERS