MALACAÑANG on Friday downplayed the slight increase in the inflation rate in November, saying the figure was still within the government’s target.
Inflation accelerated to 1.3 percent in November after registering five consecutive months of deceleration.
The latest figure compares with the 0.8 percent in October this year, and the six percent in November 2018.
This is the first uptick since inflation started to decelerate in June, when it clocked in at 2.7 percent.
“The increase in inflation rate in November 2019 to 1.3 percent from October 2019’s 0.8 percent should not be a cause for alarm,” presidential spokesman Salvador Panelo said.
“The Palace stresses that for the first 11 months of this year, inflation rate averaged at 2.5 percent, which the Department of Trade and Industry says is ‘still a tamed inflation rate, much lower than the full year range of two to four percent we are expecting’ and within such target range set by the Bangko Sentral ng Pilipinas.”
Panelo assured the administration will maintain fiscal and monetary policies to boost and further improve the economy, while keeping inflation low for our local consumers, amid emerging global threats. (GMA News)
