Philip­pine in­fla­tion up 2.5 per­cent last month

China Daily (Hong Kong) - - BUSINESS -

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.

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