MANILA, Philippines – The Philippines’ inflation rate accelerated to 2.9% in December 2024, the Philippine Statistics Authority reported on Tuesday, January 7.
This placed the country’s average inflation rate in 2024 at 3.2%, within the government’s 2% to 4% target range.
December marked the third straight month of rising inflation, after October’s 2.3% and November’s 2.5%.
But the full-year figure for 2024 is considerably lower than the 6% average recorded for 2023.
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The Bangko Sentral ng Pilipinas (BSP) earlier projected inflation would settle within 2.3% to 3.1% in December as lower prices of agricultural commodities — such as rice — offset higher food, petroleum, and power prices.
The BSP ended 2024 with a policy rate cut of 25 basis points as its inflation forecast fell within the government’s target range. This brought the Philippines’ benchmark rate to 5.75%. – Rappler.com