Annual inflation in Philippines hits 14-year high

By Gokhan Ergocun

ISTANBUL (AA) - The annual inflation rate in Philippines rose to 8% in November, a 14-year high, according to the country's statistical authority on Tuesday.

The rate was 7.7% in October, the statistics agency said, adding that the surge was mainly driven from price increases in food and non-alcoholic beverages.

The average inflation in the first 11 months this year stood at 5.6%, higher than the government’s 2% to 4% target.

Following the data's release, the country’s central bank reiterated it "remains prepared to take all further monetary policy actions necessary to bring inflation back to a target-consistent path over the medium-term."