Philippines inflation rises to 2.5% in November due to storms and weak peso

Inflation in the Philippines rose to 2.5% in November, up from 2.3% in October, according to the Philippine Statistics Authority. This increase was influenced by severe storms affecting food supply and a weak peso raising import costs. Food inflation accelerated to 3.4%, driven by a significant rise in vegetable prices. However, rice price growth slowed, helping to balance the overall inflation rate. Year-to-date inflation remains at an average of 3.2%, within the central bank's target range. The central bank, Bangko Sentral ng Pilipinas, noted that the inflation trend aligns with its expectations. The recent inflation data may support another interest rate cut at the upcoming Monetary Board meeting on December 19.