
Inflation rose slightly to 2.5 percent in November, up from 2.3 percent in October, due to the higher prices of food and non-alcoholic beverages, the Philippine Statistics Authority (PSA) reported Thursday.
PSA data indicated that prices of food and non-alcoholic beverages increased by 3.4 percent in November, up from 2.9 percent in October.
National Statistician Claire Dennis Mapa explained that the rise was largely driven by more expensive vegetables, which saw a 5.9-percent increase compared to a 9.2-percent decrease last year.
He also pointed out that meat prices rose by 3.9 percent, up from 3.6 percent the previous month, while seafood prices increased by 0.4 percent, reversing the -0.4 percent decline in October.
“Vegetable prices may still rise this month due to the prolonged impact of the typhoons,” Mapa said.
National Economic and Development Authority Secretary Arsenio Balisacan attributed the higher prices to increased transportation costs after three typhoons damaged roads last month.
On the other hand, rice prices saw a decrease, with inflation falling to 5.1 percent from 9.6 percent, thanks to the government’s move to lower the tariff on imported rice from 35 percent to 15 percent.