QUICK LOOK: PH Dec. inflation rose to 2.9%, full-year 2024 average down to 3.2%

Summary of December 2024 and full-year 2024 inflation rates in the country, according to data released by the Philippine Statistics Authority on Tuesday, Jan. 7, 2025:

• December 2024 headline inflation: The Philippines’ headline inflation rate increased to 2.9 percent in December 2024 from 2.5 percent in November 2024, though it was lower than the 3.9 percent recorded in December 2023.
• 2024 annual average inflation: The annual average inflation for 2024 was 3.2 percent, significantly lower than the 6.0 recorded in 2023, reflecting a notable easing in price pressures.
• Key drivers for December 2024 inflation: Rising costs in housing, utilities, and transport were the main contributors to the December 2024 inflation increase.
• Regional inflation rates: The National Capital Region (NCR) recorded a 3.1-percent inflation rate in December 2024, while areas outside NCR posted a 2.9 percent inflation rate for the same period.
• Core inflation trends: Core inflation, which excludes volatile food and energy items, rose to 2.8 percent in December 2024, with an annual average of 3.0 percent, down from 6.6 percent in 2023.