ADB lowers Phl inflation forecast for 2024 to 3.3%

The Asian Development Bank (ADB) has trimmed its inflation forecast for the Philippines this year, but retained its growth outlook.

- By LOUELLA DESIDERIO

"The 2024 inflation forecast is revised down to 3.3 percent from 3.6 percent and maintained at 3.2 percent in 2025," the multilateral lender said in its Asian Development Outlook December 2024 report released yesterday.

Inflation rose to 2.5 percent in November from 2.3 percent in October, bringing the average in the January to November period to 3.2 percent, within the government's two to four percent target band.

Last year, inflation averaged six percent.

The ADB said the reduction in rice import tariffs from June helped contain food inflation.

Food inflation was at 3.5 percent in November and averaged 4.6 percent from January to November.