INFLATION surged to 8.0% in November, the fastest since November 2009’s 9.1% and surpassing the 14-year high of 7.7% recorded in October, the Philippine Statistics Authority (PSA) reported yesterday.
The latest print is higher than the government’s target range of two percent to four percent, and in line with the 7.4 percent to 8.2 percent projection range of the Bangko Sentral ng Pilipinas (BSP), bringing the year-to-date average to 5.6 percent.
“The sustained acceleration of inflation in November 2022 was mainly due to the higher year-on-year growth rate in the index of food and non-alcoholic beverages,” the PSA reported.
This comes as prices of vegetables, tubers, plantains, cooking bananas, and pulses grew by 25.8 percent, the highest since January 1999’s 5.6 percent.
PSA officer-in-charge Divina Gracia Del Prado attributed the higher prices on Severe Tropical Storm “Paeng” that struck the country in late October. The Department of Agriculture (DA) estimated billions of pesos worth of damage and losses in the sector.
Both the PSA and the Department of Finance (DOF) in October said they expect inflation to remain high in the remainder of the year, due to the weak peso and the damage caused by Typhoon “Karding”.
Increases were also seen in the index of restaurants and accommodation services (6.5 percent), alcoholic beverages and tobacco (10.6 percent), clothing and footwear (3.6 percent), and furnishings, household equipment, and routine household maintenance (4.5 percent).
Higher prices were likewise recorded in health; information and communication; recreation, sport, and culture; education services; and personal care, and miscellaneous goods and services.
The Development Budget Coordination Committee (DBCC) on Monday said it expects inflation to average 5.8 percent this year, which Del Prado said could be met as long as the print for December does not exceed 8.5 percent. (GMA Integrated News)
