Inflation eases further in November

MANILA, Philippines (Xinhua) - Inflation in the Philippines may have stabilized further in November as the cost of food and fuel stayed subdued, local central bank said today.  

The Bangko Sentral ng Pilipinas (BSP) said the easing of congestion in major ports in the Philippine capital region of Metro Manila has also helped in tempering the rise of consumer prices this month.

"We expect consumer price movements would continue to moderate. Rice prices have started to come down and oil prices remain low," BSP Deputy Governor Diwa Gunigundo said.

Oil and rice prices have gone down over the past months due to weak global demand, which cuts demand for these commodities. The Philippine government also recently approved additional imports of rice, which has boosted local supplies of the staple.

In October, inflation eased to 4.3 percent from 4.4 percent recorded in September. This was within the BSP's target range for the month set at 3.7 to 4.6 percent.

The BSP expects inflation this year to average at 4.4 percent, which is above the midpoint of the official target range of 3 to 5 percent.