Philippine consumer prices rose more than expected in November, taking the annual increase to a 14-year high of 8 percent, the statistics agency said, exerting more pressure on the central bank to stay on its monetary tightening path. | Reuters
Vendors and customers wearing face masks for protection against the coronavirus disease are seen inside a public market in Quezon City, Metro Manila, Philippines. REUTERS/Eloisa Lopez/File photo
MANILA – Philippine consumer prices rose more than expected in November, taking the annual increase to a 14-year high of 8 percent, the Philippine Statistics Authority 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 and non-alcoholic beverage prices, which accounted for 58 percent of the overall price increase.Economists polled by Reuters had forecast inflation would accelerate to 7.8 percent, while the central bank had forecast a figure of between 7.4 percent-8.2 percent.
Excluding the volatile food and energy components, the core consumer price index rose 6.5 percent, faster than October’s 5.9 percent.
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