Consumer prices rose slightly in November mostly because of higher fuel and electricity prices, the government reported Tuesday.
The National Statistics Office (NSO) said inflation rate went up to 3 percent in November from 2.8 percent in October. A year ago, inflation rate was 2.8 percent.
The November inflation was faster than the Bangko Sentral ng Pilipinas (BSP) projection of between 2 percent and 2.9 percent.
In the first 11 months, inflation rate averaged at 3.8 percent, well within the government’s target of 3.5 percent to 5.5 percent.
The NSO blamed the spike in consumer prices to the higher charges for electricity rates in Metro Manila and in selected regions and the price uptick in Liquefied Petroleum Gas (LPG), kerosene, gasoline and diesel.
The Manila Electric Company (MERALCO) raised its generation charges by 22.7 percent from P4.31 per kilowatt hour (kwh) in October to P5.29 per kwh for November.
Prices for selected food items such as fish, vegetables and chicken also went up during the month, the NSO added.