Consumer Price Index
A consumer price index (CPI) is a measure estimating the average price of consumer goods and services purchased by households. A consumer price index measures a price change for a constant market basket of goods and services from one period to the next within the same area (city, region, or nation). It is a price index determined by measuring the price of a standard group of goods meant to represent the typical market basket of a typical urban consumer.
The inflation rate for December 2016 was at 2.6 percent, higher than the 1.5 percent inflation rate in December 2015. The BSP said it was still lower than the expected target of 3 percent.
The inflation rate of the Philippines rose to 2.5 percent, according to the Inflation Report Consumer Price Index released by the Philippine Statistics Authority (PSA). The price increase of alcoholic beverages has the highest contribution to the rise of the country's inflation rate.