QUICK LOOK: November inflation hits 2.5%, driven by food and housing
December 5, 2024
10:00AM PHT
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Philippine headline inflation climbed to 2.5 percent in November 2024 from 2.3 percent in October, bringing the national average to 3.2 percent for January–November 2024.
Key inflation drivers: Food and non-alcoholic beverages inflation accelerated to 3.4 percent, while transport saw a slower year-on-year decline of 1.2 percent.
Food inflation: National food inflation rose to 3.5 percent in November, driven by vegetables, which posted a 5.9-percent increase, from a 9.2-percent decline in October.
NCR: Inflation in the National Capital Region (NCR) rose sharply to 2.2 percent in November from 1.4 percent in October, with food and non-alcoholic beverages inflation jumping to 4.3 percent.
Core inflation trends: Core inflation, excluding volatile items, climbed to 2.5 percent in November 2024 from 2.4 percent in October.
Top contributors to headline inflation: Food and non-alcoholic beverages accounted for 51.1 percent of the overall inflation, followed by housing, water, electricity, and gas at 16.2 percent.
Regional standouts outside NCR: Cagayan Valley had the highest inflation rate at 3.4 percent, while the Bangsamoro Autonomous Region recorded the lowest at 1.7 percent.
