The ocean and the beach in the Philippines

Philippines Inflation November 2022

Philippines: Inflation rises in November

Inflation rose to 8.0% in November, following Octobers 7.7%. November’s result marked the highest inflation rate since November 2008. Looking at the details of the release, prices for food and non-alcoholic beverages rose at a faster rate in November. Meanwhile, prices for transport and utilities grew at a more subdued pace.

The trend pointed up, with annual average inflation coming in at 5.4% in November (October: 5.0%).

Finally, consumer prices rose a seasonally adjusted 0.68% in November over the previous month, after the 1.03% rise logged in October.

Looking ahead, higher input costs and imported price pressures—especially on food and fuel—will keep inflation elevated despite the Central Banks tighter monetary policy stance. Softer domestic demand next year should bring down the headline rate somewhat, however.

Analysts at the EIU commented on the outlook:

“The ongoing tropical storm season is likely to ensure that food price inflation continues to accelerate for several more months. For now, we are maintaining our forecast for average inflation of 4.8% in 2023, but the balance of risk is tilted to the upside.”

Free sample report

Access essential information in the shortest time possible. FocusEconomics provide hundreds of consensus forecast reports from the most reputable economic research authorities in the world.
Close Left Media Arrows Left Media Circles Right Media Arrows Right Media Circles Arrow Quote Wave Address Email Telephone Man in front of screen with line chart Document with bar chart and magnifying glass Application window with bar chart Target with arrow Line Chart Stopwatch Globe with arrows Document with bar chart in front of screen Bar chart with magnifying glass and dollar sign Lightbulb Document with bookmark Laptop with download icon Calendar Icon Nav Menu Arrow Arrow Right Long Icon Arrow Right Icon Chevron Right Icon Chevron Left Icon Briefcase Icon Linkedin In Icon Full Linkedin Icon Filter Facebook Linkedin Twitter Pinterest