MANILA: The Philippine central bank says it will take a “measured approach” in its easing cycle as inflation slightly accelerated for a second straight month in November.
The consumer price index rose 2.5% in November from 2.3% the previous month as a slew of typhoons last month pushed food prices higher.
Inflation has averaged 3.2% for the year, within the central bank’s 2% to 4% target range for 2024.
Faster increases in food and non-alcoholic drink prices and a slower decrease of transport prices were the main drivers on inflation for the month, the statistics agency said.
Economists in a Reuters poll had expected annual inflation of 2.5% in November, within the central bank’s forecast of 2.2% to 3.0% for the month.
Core inflation, which strips out volatile food and energy items, was 2.5% last month, up slightly from 2.4% in October.
The Bangko Sentral ng Pilipinas (BSP) said in a statement yesterday it will consider the latest inflation data when it meets to review policy rates on Dec 19.
“The BSP will continue to maintain a measured approach in its easing cycle to ensure price stability conducive to sustainable economic growth and employment,” it said. — Reuters
