The government attributes the slowdown to lower oil prices and stable rice supply conditions
MANILA, Philippines – After climbing for 7 straight months, inflation or the increase in the prices of goods slowed down to 6%, the Philippine Statistics Authority (PSA) said on Wednesday, December 5.
November inflation was within the 5.8% to 6.6% projected range of the Bangko Sentral ng Pilipinas (BSP) and lower than the Department of Finance (DOF) forecast of 6.3%.
Both the DOF and the BSP attributed the slowdown to lower oil prices and stable rice supply conditions.
The Philippine peso's strength also contributed to the improvement in November.
This year, the BSP has delivered the strongest series of interest hikes in 10 years, raising interest rates by 175 basis points to combat inflation.
While inflation has tapered off in November, the rapid climb in the previous months already dented the Philippines' economic growth.
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