Philippine inflation up 2.5 percent last month
Australia’s economic growth, the nation’s tourism minister said on Wednesday. After releasing the results of the latest International Visitor Survey, Steve Ciobo said Chinese visitor expenditure had exceeded growth targets by almost four years, while better-than-expected tourist numbers from other Asian markets such as Japan and South Korea was fueling massive growth in Australia’s tourism industry. “The latest International Visitor Survey shows growth across key Asian markets has resulted in a $9.8 billion contribution to the Australian economy in the last year,” Ciobo said. Philippine inflation rate rose to 2.5 percent in November due to the increase in the prices of major nonfood commodities, the National Economic and Development Authority said on Tuesday. Inflation in November last year was at 1.1 percent, while in October, it was 2.3 percent. Yearto-date, inflation was at 1.9 percent, within the government’s official target of 2.0 to 4.0 percent. “The increase in inflation can be attributed to the increase in domestic prices of petrol products, which comprise the bulk of the nonfood commodity basket usually purchased by the average Filipino household,” said Socioeconomic Planning Secretary Ernesto M. Pernia.