Philippines inflation rises to 2.5% in November as storms disrupt food supply

The inflation rate in the Philippines rose to 2.5% in November 2024, up from 2.3% in October. This increase is attributed to tropical storms that disrupted food supply, particularly affecting vegetables and tubers, which saw inflation jump to 5.9%. The food and non-alcoholic beverages index contributed significantly to the overall inflation, rising from 2.9% in October to 3.4% in November. In the National Capital Region, inflation increased to 2.2%, while areas outside the region remained steady at 2.6%. For low-income households, inflation eased to 2.9% in November. The government continues to project inflation within the target range of 2% to 4% for the coming years, supported by measures like reduced tariffs on imported rice.