MANILA — Philippine annual inflation PHCPI=ECI quickened to 2.9% in December, the statistics agency said on Tuesday, due to increases in food and utility costs, compared to a 2.5% print the previous month.
Economists in a Reuters poll had expected annual inflation of 2.6% in December, within the central bank’s forecast range of 2.3% to 3.1%.
December’s reading brought average inflation for 2024 to 3.2%, settling within the central bank’s 2% to 4% target range for the first time since 2021.
Consumer price increases breached the central bank’s target range in 2022 and 2023.
— Reporting by Mikhail Flores and Karen Lema; Editing by Tom Hogue
