Philippines: Inflation rises in November
Consumer prices rose 0.17% month-on-month in November, matching October’s increase. A sharp rise in the prices of alcoholic beverages and tobacco, and higher prices for housing and utilities, and health offset lower prices for transport.
Inflation climbed to 1.3% in November from 0.8% in October, but remained below the lower limit of the Central Bank’s target band of 2.0%–4.0% for the fourth consecutive month. Core inflation, which excludes volatile food and energy prices, was steady at 2.6% in November.
Moving forward, inflation should continue to return closer to the Bank’s target range, boosted by stronger economic activity, the pass-through from the Bank’s previous rate cuts and as last year’s high base effect fades.