Philippines inflation climbs to 3.3% in November

The Philippines' inflation rate accelerated to 3.3% in November 2020, marking the highest rate since April 2019, due to the impact of recent typhoons on agricultural prices and transport challenges.

The food index surged by 4.5% nationally, with significant price increases observed in vegetables, meat, and fish.

As of November 27, 2020, the combined amount of damage and losses to the agriculture sector brought by typhoons Ofel, Nika, Pepito, Quinta, Rolly, and Ulysses amounted to P15.3 billion.

Bicol was the most affected region, followed by CALABARZON, Cagayan Valley, and Central Luzon.

These factors, along with restrictions on public transport due to COVID-19 and African swine fever, contributed to the inflation.

Acting Socioeconomic Planning Secretary Karl Kendrick Chua highlighted the need for long-term interventions to mitigate production loss in the agriculture sector.