The Philippines' inflation rate climbed to 8 percent in November 2022 as compared to 7.7 percent in October, the Philippine Statistics Authority (PSA) reported Tuesday.

In a media briefing, PSA Deputy National Statistician officer-in-charge Divina Gracia Prado said the November 2022 inflation rate is the highest since November 2008.

The November 2022 inflation rate brought the year-to-date figure to 5.6 percent, a higher record compared to 3.7 percent in November last year.

Prado said the sustained acceleration in November 2022 inflation was mainly attributed to food and non-alcoholic beverages at 10.0 percent from 9.4 percent in October 2022.

She added that vegetables, rice, sugar, confectionery, and desserts were the major drivers of the spike in inflation in food and non-alcoholic beverages.

Also contributing to the uptrend in the November 2022 inflation are the restaurants and accommodation services at 6.5 percent.

This was followed by furnishings, household equipment, and routine household maintenance at 4.5 percent.

Inflation in the National Capital Region (NCR) slowed to 7.5 percent in November 2022 from 7.7 percent in October 2022.

“Ang pangunahing dahilan ng pagbaba ng antas ng inflation sa NCR ay ang mas mabagal na pagtaas ng presyo ng housing, water, electricity, gas and other fuels index na may 3.7 percent inflation at 58.9 percent share sa pagbaba ng inflation sa November 2022,” Prado said.

Meanwhile, areas outside NCR (AONCR) also rose further to 8.0 percent in November 2022 from 7.6 percent in October 2022.

The Davao Region remained the region with the highest inflation at 9.7 percent, while Bangsamoro Autonomous Region in Muslim Mindanao (BARMM) had the lowest inflation at 6.0 percent.