Inflation quickens to 3.3 percent in November | Inquirer Business
Close  

Inflation quickens to 3.3 percent in November

/ 10:31 AM December 04, 2020

MANILA, Philippines — The country’s headline inflation jumped to 3.3 percent in November, higher than the previous 2.5 percent in October, the Philippine Statistics Authority (PSA) said Friday.

The PSA said in its report that this is the highest inflation registered since April 2019. Inflation in November 2019 was recorded at 1.3 percent.

ADVERTISEMENT

Currently, the country’s year-to-date inflation for the year 2020 was posted at 2.6 percent.

Inflation for November was beyond the 2.4 to 3.2 percent range that was forecast by economists of the Bangko Sentral ng Pilipinas for the said month.

FEATURED STORIES

The BSP earlier predicted that the pace of price increases likely accelerated in November due to higher energy costs and more expensive food items caused by the series of typhoons.

Inflation refers to the rate of change in the average prices of goods and services typically purchased by consumers. BSP says that “if inflation is low and stable, then we say that there is price stability.”

According to the PSA, the annual increase of 4.3 percent in the heavily-weighted food and non-alcoholic beverages primarily pushed up the overall inflation in November.

“Contributing also to the uptrend in the overall inflation during the month was the higher annual increment noted in alcoholic beverages and tobacco at 12.3 percent, it added.

Annual mark-ups decelerated in the indices of the rest of the commodity groups, except for recreation and culture whose rate stayed at -0.6 percent, the state statistics bureau added.

Meanwhile, core inflation—which excludes select volatile food and energy items to measure underlying price pressures—moved up at a faster pace of 3.2 percent in November from 3.0 percent in October. In November 2019, core inflation was posted at 2.6 percent.

/MUF
Read Next
Don't miss out on the latest news and information.

Subscribe to INQUIRER PLUS to get access to The Philippine Daily Inquirer & other 70+ titles, share up to 5 gadgets, listen to the news, download as early as 4am & share articles on social media. Call 896 6000.

TAGS: Inflation, Philippine statistics authority
For feedback, complaints, or inquiries, contact us.


© Copyright 1997-2021 INQUIRER.net | All Rights Reserved

We use cookies to ensure you get the best experience on our website. By continuing, you are agreeing to our use of cookies. To find out more, please click this link.