MANILA, Jan. 7 (Xinhua) -- The Philippines' headline inflation rate increased to 2.9 percent in December from 2.5 percent in November, bringing the 2024 average inflation rate to 3.2 percent, according to the Philippine Statistics Authority (PSA) on Tuesday.
The country's 2024 average inflation rate was lower than the 2023 annual average rate of 6 percent, the data showed.
The PSA said the decline of the 2024 annual average inflation rate was "primarily caused by the lower annual average increase in the index of food and non-alcoholic beverages" at 4.4 percent in 2024 from 7.9 percent annual average inflation in 2023. ■
