Philippine inflation will likely peak in December, says central bank governor

MANILA  – Philippine inflation will likely peak in December, central bank Governor Felipe Medalla said on Tuesday, after it reached a 14-year high in November.

Annual inflation of 8 percent in November brought the year-to-date rate at 5.6 percent, well outside the central bank’s 2 percent to 4 percent target for the year.

Earlier, the Development Budget Coordination Committee has revised its inflation projection for 2022 to 5.8 percent from previous assumption of 4.5 to 5.5 percent as prices of food and transport costs remained elevated. This is in view of the persisting high prices of food and transport costs..