MANILA — Philippine annual inflation came in at 4.1% in November from the previous month’s 4.9%, the statistics agency said on Tuesday, reflecting slower increases in food prices.
Economists in a Reuters poll had forecast annual inflation of 4.3% in November, within the central bank’s 4.0 to 4.8% projection for the month.
November inflation, which was at the lowest level since March 2022, brought the year-to-date average inflation to 6.2%, still outside the central bank’s 2%-4% target for the year.
Core inflation, which strips out volatile food and energy costs, was at 4.7% in November versus 5.3% the previous month.Last month’s slower inflation could ease pressure on the central bank to keep interest rates higher for longer.
The Bangko Sentral ng Pilipinas kept interest rates steady at 6.5% at its meeting in November, after an off-cycle 25-basis point hike on Oct. 26 amid worries of inflation spiraling out of control. It meets for the last time this year on Dec. 14.
– Reporting by Mikhail Flores and Neil Jerome Morales; Editing by Kanupriya Kapoor