Fuel, power rates drive November inflation — BSP
Prices of basic goods inched higher in November amid rising petroleum and utility rates.
Inflation likely logged between 2.9-3.6 percent in November, according to the Bangko Sentral ng Pilipinas (BSP) Department of Economic Research.
In a statement, the BSP unit said higher retail pump prices may have stoked prices from a year ago, coupled with successive power rate hikes introduced by the Manila Electric Company during the month.
On the other hand, the recovery of the peso to P50:$1 could have helped ease pressures, allowing the monthly inflation rate to still fall within the 2-4% range.