Philippine inflation rate at 11.2 pc in Nov.
MANILA, Dec. 4 Kyodo
The Philippines' year-on-year inflation rate for November rose
more than expected, to 11.20% from 10.2 % in October, bringing inflation
for the first 11 months of the year to 9.70%, the government said
Friday. The inflation rate for the year through November is still within
the government's 10% target for the year, but the November rate is
the highest since the financial crisis began in July last year. Food
prices shot up 12.30% in November over the corresponding month last
year, exceeding October's 9.90% rise. The increases were due to the
effects of two typhoons that destroyed agricultural crops, the
government said. Higher prices were recorded for rice -- a staple food in the Philippines -- and fruits, vegetables, meat and fish, thereby
pulling up the overall inflation rate. Analysts polled by a local
daily, BusinessWorld, earlier forecast November inflation to range
between 10 and 11%, or at an average of 10.3%.