Philippine inflation leaps to 14-year high in November
2022.12.05 21:07
© Reuters. FILE PHOTO: Vendors and customers wearing face masks for protection against the coronavirus disease (COVID-19) are seen inside a public market in Quezon City, Metro Manila, Philippines, February 5, 2021. REUTERS/Eloisa Lopez/File Photo
MANILA (Reuters) – Philippine consumer prices rose more than expected in November, taking the annual increase to a 14-year high of 8.0%, the statistics agency said on Tuesday, exerting more pressure on the central bank to stay on its monetary tightening path.
The faster-than-expected increase in November was due to rises in food prices. Economists polled by Reuters had forecast inflation would accelerate to 7.8%, while the central bank had forecast a figure of between 7.4%-8.2%.
Excluding the volatile food and energy components, the core consumer price index rose 6.5%, faster than October’s 5.9%.
The Philippine central bank last month delivered a second consecutive 75-basis-point interest rate hike and its governor, Felipe Medalla, flagged another, but possibly smaller, rate increase at the Dec. 15 meeting, in step with the U.S. central bank’s policy moves.
