Consumer prices rose at a faster pace in November, compared to the previous month, due to higher mark-ups in prices of alcoholic beverages, tobacco, utility and fuel, government data showed.
Inflation accelerated to 2.5 percent in November, compared to 2.3 percent in the previous two months. A Reuters poll predicted a 2.2-percent increase in the consumer price index for the month.
While the November figure breached the central bank’s forecast of 1.6 percent to 2.4 percent for the month, the 11-month average of 1.7 percent was still below the 2 percent to 4 percent target for the year, Governor Amando Tetangco Jr. said.
“We continue to watch petitions for transport fare adjustments and global developments that may affect domestic inflation dynamics over the policy horizon,” he said.
The Bangko Sentral ng Pilipinas (BSP) has kept its policy rate unchanged since a 25-basis-point hike in September 2014 amid robust economic growth and subdued inflation. It will meet again on Dec. 22.
The Philippine Statistics Authority recorded a 6.5-percent increase in the prices of alcoholic beverages and tobacco; 1.3 percent for housing, water, electricity and gas; and 0.5 percent for transportation.
Slower or equal increases from October were observed for other items in the inflation basket, the PSA said.
Source and image: ABS CBN News