The country’s inflation rate accelerated further to 8.7% in January according to the Philippine Statistics Authority on Tuesday, February 7.
This is above what economic managers predicted and claimed that the country’s inflation already peaked in December.
PSA National Statistician Dennis Mapa said that the January inflation was the fastest since the 9.1 percent in November 2008. It was also almost thrice as fast as the 3 percent recorded in January 2022.
Housing rentals, electricity and water rates as well as in the prices of vegetable, milk and eggs, and fruits and nuts are some of the drivers of the January inflation.
Prices of food and non-alcoholic beverages inched up to 10.7% from 10.2%. Restaurants and accommodation services posted an inflation rate of 7.6% from 7%.
“As part of the administration’s eight-point agenda and the Philippine Development Plan 2023-2028, the government is implementing measures to ease price pressures and cushion the impact of inflation, especially on basic commodities,” NEDA Director-General Arsenio Balisacan said.
