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.
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—Reporting by Neil Jerome Morales and Enrico dela Cruz; Writing by Karen LemaEditing by Ed Davies
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