MANILA (Reuters) - Philippine consumer inflation likely eased in November for the first time in almost a year, coming off its highest rate in almost a decade, due to declining fuel and rice prices and a stronger peso, a Reuters poll showed.
The median forecast of 11 analysts was for the consumer price index in November to rise 6.2 percent from a year earlier PHCPI=ECI, slowing from 6.7 percent in September and October, a near 10-year high.
Analysts’ November forecasts ranged from 5.9 percent to 6.5 percent, while the central bank projected inflation to come in around 5.8-6.6 percent.
Only three of 11 analysts had forecasts for November core inflation PHCPXY=ECI, seen steady at 4.9 percent.
Some analysts said easing inflation should give the central bank room to pause at its Dec. 13 policy meeting after raising interest rates by a total 175 basis points at five consecutive meetings.
Following the rate hikes, the central bank has forecast average inflation of 3.5 percent next year, within its 2-4 percent target range, easing from its projected average this year of 5.3 percent, outside the same target range.
Reporting by Enrico dela Cruz