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November inflation hit 14-year high of 8%

Inflation rate accelerated to 8 percent in November, the fastest in 14 years, on higher prices of food and non-alcoholic beverages, the Philippine Statistics Authority said Tuesday.

“This is the highest recorded inflation since November 2008,” the PSA said. It was faster than 7.7 percent in October and 3.7 percent year ago.

The PSA said the latest figure brought the average inflation from January to November to 5.6 percent, above the government’s 2022 target range of 2 percent to 4 percent.

The interagency Development Budget Coordination Committee on Monday adjusted the average inflation rate assumption for 2022 to 5.8 percent from the previous estimate of 4.5 to 5.5 percent, given the persistent high prices of food and transport costs.

“Nonetheless, inflation is expected to moderate in the medium term reaching 2.5 to 4.5 percent in 2023 before returning to the target range of 2 to 4 percent in 2024 until 2028,” the DBCC said.

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