Inflation hits 14-year high

By Eireene Jairee Gomez

Dec 07, 2022 12:48 am

(UPDATE) INFLATION accelerated to a 14-year high of 8.0 percent in November, the Philippine Statistics Authority (PSA) reported on Tuesday, more than double that recorded a year earlier and up from October's 7.7 percent.

While it did not breach the upper end of the Bangko Sentral ng Pilipinas' (BSP) 7.4- to 8.2-percent forecast, the result put monetary authorities under pressure to keep raising interest rates. At 5.6 percent year to date, consumer price growth is well over the BSP's 2.0- to 4.0-percent target.

PRICE CHECK A shopper checks the prices of canned goods at a supermarket in Manila on Monday, Dec. 5, 2022. The Philippine Statistics Authority said the inflation rate jumped to 8 percent in November. PHOTO MIKE ALQUINTO

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