MANILA, Philippines – The Philippines’ inflation rate jumped further to 8% in November 2022, the highest recorded since November 2008 or in 14 years.Year-to-date, average inflation stands at 5.6%, above the government’s target range of 2% to 4%.
While there was a spike in the national inflation rate, the National Capital Region saw a slight easing to 7.5% in November from 7.7% in October, driven by slower increases for the following:food and non-alcoholic beverages – 11.2%A year ago or in November 2021, however, inflation in NCR was only at 2.2%.
The PSA said the higher inflation rate in areas outside NCR was primarily due to faster increases for the following:The Davao Region remained the region with the highest inflation at 9.7%, while the Bangsamoro Autonomous Region in Muslim Mindanao had the lowest inflation at 6%.The Bangko Sentral ng Pilipinas earlier estimated that inflation would fall within the range of 7.4% to 8.2% in November.
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