(Eagle News) — The Palace on Friday, Dec. 6, gave the assurance the higher inflation rate in November was “not a cause for alarm.”
Presidential Spokesperson Salvador Panelo said that although the country registered a 1.3 percent rate, higher than the 0.8 percent in October this year, “for the first 11 months of this year, inflation rate averaged at 2.5%, which the Department of Trade and Industry says is ‘still a very tamed inflation rate..”
Panelo said this was “much lower than the full year range of 2-4% we are expecting’ and within such target range set by the Bangko Sentral ng Pilipinas.”
The 1.3 percent was the highest rate since August.
The Philippine Statistics Authority said this was primarily due to a faster rise in the prices of housing, with the prices of food unchanged, and transport prices having gone down.