Philippines' annual inflation data soared to 8.0%, marking the country's fastest inflation in 14-year high since November 2008.
Philippines' annual inflation data for November soared to 8.0%, marking the country's fastest inflation in 14-year high since November 2008 on the back of higher food prices, according to the Philippines Statistics Authority.
The reported number beat Reuters' estimates of 7.8%, and was higher than October's inflation numbers of 7.7%. Its surge was driven primarily by costlier food prices. A boat ferries passengers on the Pasig River in Makati City, Metro Manila, the Philippines, on Monday, Aug. 15, 2022.Philippines' annual inflation data for November soared 8% year-on-year, marking the country's highest inflation in 14 years as food prices soar, according to data from theRecent typhoons have hammered the production of crops like vegetables, rice and fruits, driving food prices higher.
The inflation issue is sticky but "not unique" to the Philippines, JPMorgan's global strategist Kerry Craig told CNBC. He said the rise in prices is driven by supply side pressures rather than an increase in demand. "Given the pace of inflation it's likely that a further rate hike will come later this month," he added.hat the Philippine central bank may raise rates by 50 basis points at its mid-December meeting, bringing the policy rate to 5.5%.
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