(Bloomberg) -- Philippine President Ferdinand Marcos Jr. said inflation is “running rampant and out of control” after data showed price increases quickened to a 14-year high in November.

“The main drivers of that inflation, unfortunately, are still imported,” Marcos said at a forum on Tuesday, according to an official transcript. “So again, import substitution is still a good idea not only for foreign exchange reserve but also so that we can keep our inflation rate down.”

Consumer prices rose 8% from a year ago last month on higher food costs, the statistics agency reported earlier on Tuesday. That boosts the case for the central bank, under Governor Felipe Medalla, to continue its most aggressive monetary tightening in two decades. Marcos’s economic team, separately, said it will prioritize reducing inflation. 

Fastest Philippine Inflation in 14 Years Fuels Rate Rise Bet 

Still, economic growth “looks healthy,” Marcos said. And the peso “has become a little stronger relative to other currencies.” The local currency has gained against the dollar this quarter along with most peers in the region.

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