Annual inflation in the Philippines accelerates to 2.9% in December According to Reuters

MANILA (Reuters) – The Philippines’ annual inflation accelerated to 2.9% in December, the statistics agency said on Tuesday, due to an increase in the cost of food and materials, compared to the publication of 2.5% last month.

Economists in a Reuters poll had expected annual inflation of 2.6% in December, within the central bank’s forecast of 2.3% to 3.1%.

The December reading brought average inflation for 2024 to 3.2%, sitting within the central bank’s target of 2% to 4% for the first time since 2021.

Consumer price growth exceeded the central bank’s target in 2022 and 2023.