INFLATION likely quickened beyond the Bangko Sentral ng Pilipinas’ (BSP) target for an eighth straight month in November, mainly due to costlier food items and higher electricity rates, analysts said.
ber, mainly due to costlier foodpoll of 15 analysts last week yielded a median estimate of 7.8% for the consumer price index in November, faster than the 3.7% print a year earlier and the 7.7% print in October.ation has breached the BSP’s 2-4% annual target range, and the fastest in 14 years or since the 9.1% print in November 2008.
Philippine National Bank economist Alvin Joseph A. Arogo, who gave a 7.9% forecast, noted these four regions contribute a combined 27% to the country’s agriculture, forestry, and fishing industry. Meralco raised the overall rate for a typical household by P0.0844 to P9.8628 per kilowatt-hour in November.
The peso also rebounded to the P56-a-dollar mark in November, closing the month at P56.56 on Nov. 29, up by P1.41 or 2.5% from its P57.97ation is still on an uptrend, and may peak in the“Our latest estimate shows core inflation might have jumped to 6.1% in November from 5.9% in October. This means that secondary round effects continue to drive higher prices overall,” she said.
Ms. Velasquez said prices of holiday goods “are at risk of further peaking.” “We hope the government can monitor and prevent unnecessary price increases this December,” she added. Meanwhile, Mr. Roces said he expects the BSP to raise policy rates by 50 basis points at its Dec. 15 meeting, “with scope to do more in until inflation cools.”
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