MANILA (Reuters) – Annual inflation accelerated to 2.9 percent in December, due to higher food and utility costs, compared with 2.5 percent the previous month, the Philippine Statistics Agency said on Tuesday.
Economists, in a poll conducted by Reuters, expected annual inflation to reach 2.6% in December, which is within the range of the central bank’s expectations, which ranges from 2.3% to 3.1%.
The December reading raised average inflation for 2024 to 3.2%, settling within the central bank’s target range of 2% to 4% for the first time since 2021.
Consumer price increases exceeded the central bank's target range in 2022 and 2023.
