November Inflation Rises Slightly to 2.5%

Headline inflation in November rose to 2.5 percent from October’s 2.3 percent, falling within the Bangko Sentral ng Pilipinas’ (BSP) forecast of 2.2 to 3.0 percent.

The year-to-date inflation average stands at 3.2 percent, well within the government’s target range of 2 to 4 percent. Month-on-month, seasonally adjusted inflation increased to 0.2 percent from 0.1 percent in October.

Meanwhile, core inflation also rose slightly to 2.5 percent from 2.4 percent.

The increase was driven primarily by higher food prices. Vegetable and fish inflation turned positive as weather disruptions affected supply. Meanwhile, rice inflation eased due to the harvest season and the continued arrival of low-tariff rice imports.

The BSP noted that inflation is likely to stay near the lower end of the government’s target in the near term. The central bank is set to review the latest inflation and GDP data during its monetary policy meeting on December 19, 2024. (ASC)