Philippine inflation leaps to 14-year high in November

Vendors and customers wearing face masks for protection against the coronavirus disease (Covid-19) are seen inside a public market in Quezon City, Metro Manila, Philippines. - Reuters

MANILA (Philippine Daily Inquirer/Asia News Network): Philippine consumer prices rose more than expected in November, taking the annual increase to a 14-year high of 8 percent, the Philippine Statistics Authority (PSA) said on Tuesday (Dec 6), 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 and non-alcoholic beverage prices, which accounted for 58 per cent of the overall price increase.