2020.12.0405:46:00UTC+00Philippine Inflation At 20-Month High

The Philippines' inflation rose to the highest in twenty months in November, data from the Philippine Statistics Authority showed on Friday.

The consumer price index rose 3.3 percent annually in November, after a 2.5 percent increase in October. Economists had expected a 2.6 percent rise.

The rate was the highest since March last year.

The latest inflation was mainly due to the rise in the heavily-weighted food and non-alcoholic beverages by 4.3 percent.

Prices alcoholic beverages and tobacco grew 12.3 percent, while recreation and culture fell 0.6 percent.

Core inflation, which excludes prices of selected food and energy items, rose to 3.2 percent from 3.0 percent in the previous month.

On a monthly basis, consumer prices rose 1.0 percent in November, following a 0.4 percent increase in the prior month.

Separate data from the statistical office showed that the production index value declined 14.2 percent yearly in October, following a 12.4 percent fall in September.

The production index volume fell 11.3 percent annually in October, following an 8.6 percent decrease in the preceding month.

Data also showed that the producer prices fell 3.3 percent year-on-year in October, following a 4.2 percent decline in September.