Inflation in the Philippines reached 8% in November, the highest in 14 years, driven by soaring food and transport prices, the National Statistics Authority said on Tuesday.
Food prices have continued their steady climb since March this year and registered 10% year-on-year in November, higher than the 9.4% recorded in October and which explains much of the increase in inflation this month, the highest since December 2008.
Concern about rising food prices led President Ferdinand Marcos to assume the Ministry of Agriculture after his inauguration last June with the promise of working towards national food self-sufficiency, but the prices of basic foodstuffs continue to rise.
For its part, transport prices stood at 12.4% in November, also contributing to the new record figure registered this month, according to the public body.
The Central Bank of the Philippines has raised interest rates six times since May, from 2% to 5%, to contain inflation amid strong economic growth, estimated at 6.5% by the Asian Development Bank.