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MANILA, Dec. 4 (Xinhua) – Annual headline inflation in the Philippines jumped to 3.3 percent in November from 2.5 percent the previous month, the highest inflation recorded since April, the Philippine Statistics Authority said. PSA) on Friday.
Inflation in November 2019 was 1.3 percent, and year-to-date inflation for 2020 was 2.6 percent, still within the government’s target of 2 to 4 percent for 2020.
The PSA said the 4.3 percent annual increase in heavily weighted food and non-alcoholic beverages primarily drove headline inflation in November.
Also contributing to the upward trend in headline inflation during the month was the largest annual increase observed in alcoholic beverages and tobacco at 12.3 percent, the PSA added.
The PSA said core inflation, which excludes certain food and energy, rose at a faster rate of 3.2 percent in November from 3.0 percent the previous month.
In November 2019, core inflation was at 2.6 percent.
The National Economic and Development Authority said the rebound is due to restrictions on public transport imposed to slow the spread of COVID-19, the persistence of African swine fever and the damage and losses in high-value crops after the onslaught of typhoons and floods in November. Final product
