6th December 2022 – (Manila) Year-on-year inflation rate in the Philippines accelerated to 8% in November from 7.7 percent in October, the highest since November 2008, the Philippine Statistics Authority (PSA) said on Tuesday.
With the November inflation, the PSA said the Philippine average inflation rate from January to November 2022 stood at 5.6 percent. In November 2021, the inflation rate was 3.7 percent.
In a news conference, PSA Officer-in-Charge Deputy National Statistician Divina Gracia Del Prado said services and non-food items such as electricity, food and beverage services, and transport services were the top sources of inflation in November.
Most key commodity groups registered faster inflation, particularly the food and non-alcoholic beverages index, which accelerated to 10 percent from 9.4 percent in October. The 6.5 percent increase in restaurant and accommodation services from 5.7 percent in October also contributed to the inflation.
“Higher prices of vegetables, fruits, and rice (resulted from) lower production brought about by the onslaught of typhoons and higher cost of inputs. Similarly, sugar production is still reeling from the damage caused by recent typhoons,” Socioeconomic Planning Secretary Arsenio Balisacan said.
The government raised its inflation projection for 2022 to 5.8 percent from the previous assumption of 4.5 to 5.5 percent due to the persisting high prices of food and transport costs, he added.
Meanwhile, the PSA said the core inflation, which excludes volatile food and energy items in the headline inflation, rose to 6.5 percent in November from 5.9 percent in October.
In November 2021, core inflation was 2.4 percent.