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PSA: PHILIPPINES' INFLATION RATE SPEEDS UP TO 2.9% IN DECEMBER 2024

ImHenyo Writer
M
Jessica
2025.01.07
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The Philippines’ inflation rate accelerated to 2.9% in December 2024 within the government’s target range of 2% to 4% (Photo courtesy of Jonathan Cellona/ ABS-CBN News)

 

Higher prices of housing, energy and transport costs pushed inflation higher in December, the Philippine Statistics Authority (PSA) reported on Tuesday. The country’s inflation quickened to 2.9 percent in December, faster than the 2.5 percent recorded in November.

 

Based on the data released by the PSA, the average price growth for 2024 to 3.2 percent, settling within the 2 to 4 percent target band of the central bank for the first time in three years. 

 

"The uptrend in the overall inflation in December 2024 was primarily influenced by the faster annual increment in the index of housing, water, electricity, gas and other fuels at 2.9 percent during the month from 1.9 percent in the previous month," the PSA said in a statement.

 

"The annual increase of transport at 0.9 percent during the month from an annual decline of 1.2 percent in November 2024 also contributed to the uptrend," it added.

 

Food inflation, meanwhile, remained at 3.5 percent, sharing 41.9 percent or 1.2 percentage points to the overall inflation in December 2024.

 

Core inflation, which excludes volatile food and energy items, slightly rose to 2.8 percent from 2.5 percent but markedly lower than the 4.4 percent in the same month last year. Year to date, core inflation was recorded at 3.0 percent.

 

The BSP last year delivered a total of 75-basis point (bp) cut to the key rate that banks typically use as a guide when pricing loans. BSP Governor Eli Remolona however has said that their earlier projection of a cumulative 100 bps of cuts this year now seem unlikely amid continuing economic challenges.

 

According to National Economic and Development Authority (NEDA) Secretary Arsenio Balisacan the 3.2 percent average inflation rate in 2024 is a significant improvement from the 6 percent figure in 2023.

 

"As we enter 2025, we remain optimistic about curbing inflation through strategic, timely, and proactive measures. At the same time, we are intensifying efforts to improve productivity, encourage innovation, and build resilience toward ensuring food security and protecting consumers' purchasing power . This will enable us to foster stronger and more inclusive economic growth, allowing Filipinos to move closer to realizing a stable, comfortable, and secure life.”

 

 

Source: ABS-CBN News 

 

 

 

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