November 29, 2017 / 4:35 AM / a year ago

Philippine central bank sees November inflation in 2.9-3.6 percent range

FILE PHOTO: Different varieties of local and imported rice for sale are displayed at a retail shop in BF Homes, Paranaque, Metro Manila March 1, 2016. REUTERS/Erik De Castro/File Photo

MANILA (Reuters) - The Philippine central bank said on Wednesday that annual inflation in November was expected be within a range of 2.9-3.6 percent, with the impact of higher fuel and electricity costs possibly offset by a slightly stronger peso.

Headline inflation in October quickened to a three-year high of 3.5 percent, pushed up by higher fuel prices and a weaker peso.

That brought the year’s average so far to 3.2 percent, above the midpoint of the government’s 2-4 percent target range. November inflation data is due on Dec. 5.

Reporting by Enrico dela Cruz; Editing by Kim Coghill

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