Philippine inflation reaches highest level in 14 years in November

The Bureau of Statistics reported Tuesday that Philippine consumer prices rose more than expected in November. They reached a 14-year high of 8.0%, increasing pressure on the central bank to maintain austerity.

The unexpectedly strong increase in November was attributed to higher food prices. Economists had expected inflation to accelerate to 7.8%, while the central bank expected figures between 7.4% and 8.2%.

The core CPI excluding food and energy rose by 6.5%, a stronger increase than in October (5.9%).

The Philippine central bank raised interest rates by 75 basis points last month for the second consecutive month. And the bank’s governor signaled another rate hike, but it could be smaller at the Dec. 15 meeting, depending on the Federal Reserve’s policy actions.

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