Image via WikipediaMANILA, Philippines – Inflation in the Philippines picked up pace in November, exceeding both central bank and market expectations due to the higher cost of home repairs, fuel and energy and services.
Even so, Bangko Sentral ng Pilipinas Governor Amando Tetangco said the surprise increase in the consumer price index won't alter the central bank's current accommodative monetary stance, at least until the end of the year.
The National Statistics Office Tuesday said the CPI, the country's main inflation barometer, rose by 3.0% in November from the year-earlier level, faster than the central bank's forecast of between 2.0% and 2.9% and the 2.5% median forecast of 10 economists in a Dow Jones Newswires poll.
The November CPI was up 0.8% from October, when the index declined 0.2% from September.
Inflation averaged 3.8% in the 11 months to November, still at the lower end of the central bank's target of between 3.5% and 5.5% for this year.
Core inflation, which excludes volatile food and energy items, stood at 3.5% on year in November, up from 3.3% in October.
"Our current assessments still show that inflation would remain manageable during the policy horizon and that inflation expectations continue to be well-anchored," Tetangco told reporters in a text message.
http://www.mb.com.ph/node/291530/inflation-rate-pick
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