China News Agency, Manila, December 6 (Reporter Zhang Xinglong) According to data released by the Philippine National Bureau of Statistics on the 6th local time, the inflation rate in the Philippines reached 8% in November this year, a record high since December 2008.
Data show that in August, September and October this year, the inflation rate in the Philippines was 6.3%, 6.9% and 7.7% respectively, continuing to rise for three consecutive months.
At the same time, the country's inflation rate in November was also much higher than the 3.7% in the same period last year.
Data show that in the first 11 months of this year, the average inflation rate in the Philippines was 5.6%, which has exceeded the previous range of 4.5% to 5.5% set by the Marcos government for the whole of 2022.
Food and non-alcoholic beverages were the main contributors to the rise in the Philippines' inflation rate in November, the data showed.
"At the end of October, the Philippines was hit by a tropical storm, which led to a rapid rise in vegetable prices recently," said Del Prado, an official from the Philippine National Bureau of Statistics.
Prior to this, the Philippine central bank also said in a statement that the increase in agricultural product prices caused by the tropical storm was one of the main reasons for the high inflationary pressure in the country.
Socioeconomic Planning Secretary Arsenio Barisakan said the government will continue to implement targeted subsidies to mitigate the impact of rising prices of domestic goods and services.
"At the same time, we need to improve the delivery mechanism in the provision of aid to ensure that the aid reaches the people in need in a timely manner," Barisakhan said.
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