MANILA: Philippine annual inflation accelerated for the second straight month in November, the statistics agency said on Thursday, driven by higher food prices due to a slew of typhoons, and by transport costs.
The consumer price index rose 2.5% in November from 2.3% the previous month, bringing average inflation to 3.2%, within the central bank’s 2% to 4% target range for the year.
Faster increases in food and non-alcoholic drink prices and the slower decrease of transport prices were the main drivers to inflation for the month, the statistics agency said.
Economists in a Reuters poll had expected annual inflation of 2.5% in November, within the central bank’s forecast of 2.2% to 3.0% for the month.
Philippine annual inflation quickens to 2.3% in October
Core inflation, which strips out volatile food and energy items, was 2.5% last month, slightly higher than the 2.4% rate in October.
Comments