Philippines inflation slowdown heralds cautious optimism for 2024

Policymakers still trying to rein in volatile prices of rice, other food items

20231205 PHILIPPINES ECONOMY INFLATION

A vendor loads vegetables into a tricycle at a market in Manila on Dec. 5. © EPA/Jiji

RAMON ROYANDOYAN, Nikkei staff writer

MANILA -- Inflation in the Philippines continued to decline in November, potentially signaling more modest price growth in 2024.

Headline inflation dipped to 4.1% last month, its lowest in 20 months, the country's statistics agency announced on Tuesday. That figure was down from 4.9% in October and a stark contrast to the 8% recorded a year ago. Core inflation, excluding volatile items like food and fuel, also eased to 4.7% in November.

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