Philippines inflation rises to 14-year high in November

The statistics agency said on Tuesday that Philippine consumer prices rose more than expected in November, putting the annual increase to a 14 year high of 8.0 percent, putting pressure on the central bank to stay on its monetary tightening path.

In November, the increase in food prices was due to rises in food prices. Economists polled by Reuters had predicted that inflation would accelerate to 7.8 per cent, while the central bank had predicted a figure between 7.4 per cent and 8.2 per cent.

The core consumer price index increased 6.5 per cent, faster than October's 5.9 per cent, after excluding the volatile food and energy components.

The Philippine central bank gave a second consecutive 75 basis-point interest rate hike and its governor, Felipe Medalla, flagged another but possibly smaller rate increase at the Dec. 15 meeting, in line with the U.S. central bank's policy moves.