The Philippine Statistics Authority (PSA) reported an 8 percent inflation for November 2022, the fastest in 14 years, as food prices in the country continued to increase.
According to the PSA, the November inflation, which was 0.3 percentage points higher than October 2022’s 7.7 percent, was the fastest inflation recorded since November 2008, the time of the Great Recession.
The hike in the country’s inflation was mainly brought about by higher annual increases in the indices of alcoholic beverages and tobacco, clothing and footwear, and furnishings, household equipment and routine household maintenance.
Food inflation at the national level quickened from 9.8 percent in October 2022 to 10.3 percent in October 2022, the PSA said.
Meanwhile, slower annual increments were observed in the indices of housing, water, electricity, gas and other fuels at 6.9 percent, and transport at 12.3 percent.
Deputy National Statistician Divina Gracia del Prado said the onslaught of typhoons in late October caused food prices to rise due to lower production numbers.
“I think yung [inflation] kasi meron tayong typhoon towards the end of October. I think this is a spillover effect nung typhoon natin,” she said.
Infrastructure damage due to Severe Tropical Storm “Paeng,” which hit the country in October, was estimated at P2.9 billion, while agriculture damage was estimated at P2.7 billion.
The vegetables, tubers, plantains, cooking bananas and pulses index rose to 25.8 percent in November 2022.
The country’s core inflation, which excludes food and energy items, increased to 6.5 percent from 5.9 percent in October. John Ezekiel J. Hirro