Inflation or the rate of increase in prices of basic goods rose 2.5 percent year-on-year in November, the fastest in almost two years.

Philippine Statistics Authority (PSA) data showed that last November’s headline inflation was the highest since December 2014’s 2.7 percent while matching the similar 2.5-percent increase in February 2015.

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Inflation last month was also faster than the 2.3 percent in October as well as 1.1 percent posted in November last year.

READ: Inflation hits highest in 18 months

In a report, the PSA attributed the higher inflation rate in November to “higher annual increments registered in the indices of alcoholic beverages and tobacco; housing, water, electricity, gas, and other fuels; and transport.”

In a text message to reporters, Bangko Sentral ng Pilipinas Governor Amando M. Tetangco Jr. noted that inflation averaged 1.7 percent during the first 11 months, still below the government’s 2-4 percent target range.

READ: Inflation seen muted at 1.8% this year

“The trend is consistent with our expectation that for 2017 and 2018, full-year inflation would be within target,” Tetangco said.

“We continue to watch petitions for transport fare adjustments and global developments that may affect domestic inflation dynamics over the policy horizon,” Tetangco added.

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