Inflation Picks Up in November

Economic Research	7 December 2016
Philippines
Economic Update
Inflation Picks Up in November Headline inflation increased to 2.5% YoY in November, after holding stable at +2.3% in October, contributed by faster increases in heavily-weighted costs of housing & utilities, transport, and prices of alcoholic beverages & tobacco. Going forward, we expect headline inflation to pick up to 2.2% in 2017, from +1.8% estimated in 2016, on: 1. Impending adjustments in electricity rate; 2. Resilient domestic demand; 3. Proposed tax policy reform programme. Economist:  Rizki Fajar  | +6221 2970 7065