Inflation may hit 3.3-4.1 pct in November: central bank
MANILA, Philippines (Xinhua) - The central bank today projected that inflation rate in November may settle at a range of 3.3 to 4.1 percent.
The central bank said consumer prices may have increased at its fastest pace in nearly two years following the onslaught of typhoon Nari, locally named "Santi," and typhoon Haiyan, locally named "Yolanda," which reduced the supply of food and other commodities.
Typhoon Haiyan alone caused extensive damage in rice-growing and coconut-growing areas in central Philippines.
Philippine central bank governor Amando M. Tetangco, Jr. said inflation in December may also be higher due to the continued disruptions in food supply caused by the two typhoons.
Inflation for 2013 is expected to average 3.3 percent, higher than the 2.8 registered in the January to October period.
The Philippine central bank said, however, that the projected inflation for the year is still within its target of 3 to 5 percent.
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