The Philippine inflation rate or the speed of the increase in consumer prices rose to 8 percent as of November 2022. This marks a 14-year high according to the Philippine Statistics Authority report on Tuesday, December 6.
The PSA said that the increase in November was due to the rises in food and non-alcoholic beverage prices, which accounted for 58 per cent of the overall price increase.
“November’s rate is within the 7.4% to 8.2% forecast range of the Bangko Sentral ng Pilipinas for the month. It brought the average inflation rate so far this year to 5.6%,” Deputy National Statistician Divina Gracia Del Prado said in a media briefing.
Among the biggest contributors in this commodity group were vegetables, tubers, rice, sugar, confectionery and desserts.
Restaurants and accommodation services also saw an increase in inflation as well as the furnishings, household equipment and routine household maintenance.
Zamboanga Peninsula, Davao Region, Caraga, and the Bangsamoro Autonomous Region in Muslim Mindanao (BARMM) are the regions with lower inflation.
