Philippine inflation leaps to 14-year high in November

MANILA – Philippine consumer prices rose more than expected in November, taking the annual increase to a 14-year high of 8 percent, the statistics agency said on Tuesday, exerting more pressure on the central bank to stay on its monetary tightening path.

The faster-than-expected increase in November was due to rises in food prices. Economists polled by Reuters had forecast inflation would accelerate to 7.8 percent, while the central bank had forecast a figure of between 7.4 percent-8.2 percent.

Excluding the volatile food and energy components, the core consumer price index rose 6.5 percent, faster than October’s 5.9 percent.

The Philippine central bank last month delivered …

Keep on reading: Philippine inflation leaps to 14-year high in November