The Philippine Bureau of Statistics reported today that the Consumer Price Index (CPI), which measures inflation on consumer spending, rose 8 percent in November, the fastest expansion in about 14 years since November. 2008 and higher than the 7.8% expected by analysts in a Bloomberg survey.
Philippine inflation numbers grew sharply in November. due to higher food prices And it is expected to be the catalyst for the Philippine central bank to raise interest rates aggressively at its meeting next week.
The report says CPI growth in the January-November period was 5.6 per cent, well above the central bank’s target of 2 per cent to 4 per cent for 2022.
Core CPI, which excludes volatile food and fuel prices, rose 6.5 percent in November.
The Philippine central bank said after releasing inflation data today that the central bank is ready to implement additional monetary policy if necessary. to pull inflation back to its target in the medium term
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