Beating central bank and analyst forecasts, Philippine headline inflation accelerated to 2.5 percent in November, marking the highest rate in almost two years, official data showed on Tuesday.
The increase, however, kept the 11-month inflation average still below the official target range for the year.
The Philippine Statistics Authority (PSA) said inflation gained speed from 2.3 percent in October and 1.1 percent in November 2015. It was the highest rate since the 2.7 percent posted in December 2014.
“This was attributed to higher annual increments registered in the indices of alcoholic beverages and tobacco; housing, water, electricity, gas, and other fuels; and transport,” the PSA said.
Last month’s inflation rate beat the 1.6 to 2.4 percent range forecast by the Bangko Sentral ng Pilipinas and private bank analysts’ estimated range of 2 percent to 2.4 percent.
The average inflation rate in the 11 months to November stood at 1.7 percent, or below the 2 percent to 4 percent forecast range issued by the government.
MAYVELIN U. CARABALLO