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.”