PHILIPPINES  —Prices of basic commodities rose at a slower pace in November with food and energy costs mainly driving the increase, newest figures from the Philippine Statistics Authority show.

National Statistician Dennis Mapa reported on Tuesday an inflation rate of 4.2% for the month. This is milder than 4.6% in October and 3.3% in November 2020.

The latest figure is outside the 3.3-4.1% range projected by the Bangko Sentral ng Pilipinas for November. It is likewise outside the 2-4% target band eyed by the BSP for the year.

The central bank earlier said that higher costs of electricity, LPG, and produce could primarily push inflation up during the period, but could be offset by local oil price rollbacks and the peso’s appreciation.

 

This is a developing story.

 

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