Philippines: Inflation in 2015 lower than target

A market in Manily, Philippines (Source :myphilippinelife.com)

Kualua Lumpur (VNA) – The Philippines’ inflation rate was reported at 1.4 percent in 2015, lower than the forecast 2 to 4 percent for the whole year, said the country’s central bank BSP.

The country’s inflation rate in December 2015 was 1.5 percent, an increase of 0.4 percent compared to the previous month, but lower than the same period in 2014.

According to Philippines’ Deputy Minister of Finance Gil Beltran, food, non-alcoholic beverages and cigarette, entertainment and cultural services contributed largely to the inflation of December 2015. The three commodities accounted for 43 percent of the total goods and service in the Consumer Price Index (CPI).

The deputy minister added the country’s food prices in December 2015 increased 2 percent, alcoholic beverages and cigarette rose 4.6 percent from 3.9 percent in November 2015, while entertainment and cultural services went up 1.2 percent compared with 1 percent in the same period in 2014.

The falling trend in crude oil prices on the international market has helped the country keep its inflation in line with target. Slow inflation allowed the BSP maintained a stable interest in 2015.-VNA