MANILA, Philippines – Prices of basic goods and services accelerated beyond the central bank’s forecast range for November, due mainly to a spike in food prices caused by the recent spate of typhoons.
Despite this, Bangko Sentral ng Pilipinas Governor Benjamin Diokno assured that the 3.3 percent inflation rate for last month was a temporary phenomenon.
In a mobile phone message to reporters on Friday, the central bank chief said that the average inflation rate is still expected to settle “within the government’s target range of 3 percent, plus or minus 1 percent for 2020-2022, as the impact of supply disruptions due to recent typhoons is expected to be largely transitory.”
The N…
Keep on reading: BSP says surprise November inflation spike temporary