The Philippines’ inflation rate surges to 8% in November 2022
The country’s headline inflation accelerated further to 8.0 percent in November 2022, from 7.7 percent in October 2022.
This is the highest recorded inflation since November 2008. With this month’s inflation, the country’s average inflation rate from January to November 2022 stood at 5.6 percent.
In November 2021, inflation rate was observed at 3.7 percent.
The sustained acceleration of inflation in November 2022 was mainly due to the higher year-on-year growth rate in the index of food and non-alcoholic beverages at 10.0 percent, from 9.4 percent in October 2022. Also contributing to the uptrend is the higher annual increment in the index of restaurants and accommodation services at 6.5 percent, from 5.7 percent in October 2022. Moreover, relative to their annual rates in October 2022, annual increases were also higher in the indices of the following commodity groups:
a. Alcoholic beverages and tobacco, 10.6 percent; b. Clothing and footwear, 3.6 percent; c. Furnishings, household equipment and maintenance, 4.5 percent; d. Health, 2.8 percent; e. Information and communication, 0.7 percent; f. Recreation, sport and culture, 3.3 percent; g. Education services, 3.6 percent; and h. Personal care, and miscellaneous goods and services, 4.2 percent.
On the other hand, slower year-on-year increases were observed in the indices of housing, water, electricity, gas and other fuels at 6.9 percent; and transport at 12.3 percent.
Meanwhile, the index of financial services retained its previous month’s inflation rate.
Core inflation, which excludes selected food and energy items in the headline inflation, also increased to 6.5 percent in November 2022, from 5.9 percent in October 2022. In November 2021, core inflation was lower at 2.4 percent.
Food inflation at the national level rose further to 10.3 percent in November 2022, from 9.8 percent in October 2022. In November 2021, food inflation stood at 2.3 percent.
The uptick in the food inflation was primarily influenced by the higher annual growths in the vegetables, tubers, plantains, cooking bananas and pulses index at 25.8 percent; and rice index at 3.1 percent. In addition, faster annual increments were noted in the following food groups:
a. Flour, bread, other bakery products, pasta products, cereals, 10.3 percent; b. Milk, other dairy products and eggs, 9.4 percent; c. Fruits and nuts, 6.2 percent; d. Sugar, confectionery and desserts, 38.0 percent; and e. Food products not elsewhere classified, 8.9 percent.
On the contrary, slower annual growths were observed in the indices of the following food groups:
a. Corn, 27.0 percent; b. Meat and other parts of slaughtered land animals, 8.6 percent; c. Fish and other seafood, 8.3 percent; and d. Oils and fats, 19.8 percent.