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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%.
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Publication:Asian Economic News
Geographic Code:9PHIL
Date:Dec 7, 1998
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