PH inflation climbs to 2.5% in November due to food, transport costs

The Philippines' inflation rate rose for the second consecutive month to 2.5% in November 2024, up from 2.3% in October, primarily driven by faster increases in food and transportation costs.

This acceleration was significantly influenced by unfavorable weather conditions that disrupted food supply, leading to higher prices for vegetables, fish, and meat.

Despite the overall rise, rice inflation continued to ease, decreasing to 5.1% in November from 9.6% in October.

Higher electricity rates and petroleum prices, along with the depreciation of the peso, also contributed to the upward price pressures.

November's inflation rate brought the year-to-date average inflation rate to 3.2%, which remains within the government's target range of 2% to 4% for the entire 2024.

The Bangko Sentral ng Pilipinas forecasts inflation to trend closer to the low end of the target range in the near term, reflecting easing supply pressures for key food items like rice.