The Philippine Statistics Authority reported a slight increase in inflation for December 2024, reaching 2.9 percent. However, the annual average inflation rate for 2024 remained at 3.2 percent, well within the government's target range. This decrease from the 2023 average inflation rate of 6.0 percent was attributed to lower food and non-alcoholic beverage prices.
The country’s December 2024 inflation rate has increased to 2.9 percent from the 2.5 percent recorded in November, said the Philippine Statistics Authority ( PSA ) on Tuesday, January 7, 2025.Despite the increase, the December 2024 inflation rate closed the country’s average inflation in the past 12 months to 3.2 percent, lower than the 2023 annual average inflation rate of 6.0 percent.The average 2023 inflation is well within the government's target range of 2.0 to 4.0 percent.
The PSA said the uptrend in the December 2024 inflation was primarily influenced by the faster annual increment in the index of housing, water, electricity, gas and other fuels at 2.9 from 1.9 percent in the previous month, as well as of transport at 0.9 percent during the month from an annual decline of 1.2 percent in November 2024.Also contributing to the increase were recreation, sports and culture, which recorded a faster annual growth of 2.5 percent from 2.4 percent in the previous month.The top commodity groups that contributed to the December 2024 overall inflation were food and non-alcoholic beverages with 44.3 percent share or 1.3 percentage points; housing, water, electricity, gas and other fuels with 21.4 percent share or 0.6 percentage point; and restaurants and accommodation services with 12.6 percent share or 0.4 percentage point.The decline in the annual average inflation rate was primarily driven by significantly lower inflation for food and non-alcoholic beverages, which fell to 4.4 percent from 7.9 percent in 2023. Rice inflation, in particular, slowed to 0.8 percent in December 2024, the lowest since January 2022.National Economic and Development Authority (Neda) Secretary Arsenio Balisacan welcomed the “significant improvement” on the country’s average year-to-date inflation.“Despite the risks we encountered throughout the year, our combined efforts to temper inflation have largely been successfu
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