November inflation rises to 3.3%

PHILIPPINES - In Brief 04 Dec 2020 by Romeo Bernardo
Typhoon-related supply disruptions on food items pushed the headline inflation rate to 3.3% yoy, higher than the median analyst forecast of 2.7% as well as the BSP’s 3.2% high-end forecast. On average, prices went up by 1.1% month-on-month (mom), with food prices rising 2.2% attributed mostly to vegetables, fish and meat. The latter may be traced to reduced pork supply due to the African Swine Fever and temporary bans on imported meat.[1]We think the sharper than usual mom inflation is transitory but will continue to keep an eye on food supply pressures in the coming months. [1] https://www.fda.gov.ph/16877-2/, https://www.da.gov.ph/laws-and-issuances/memorandum-orders/

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