Philippines: Inflation quickens in January above gov’t target

Published 2021년 2월 5일

Tridge summary

Consumer prices in the Philippines rose to 4.2% in January 2021, the highest since February 2019, according to the Philippine Statistics Authority. This is above the Bangko Sentral ng Pilipinas' forecast range of 3.3% to 4.1%. The inflation was primarily driven by a 6.2% increase in food and non-alcoholic beverages, especially pork, which rose by 17.1%. Other factors contributing to the uptrend include higher prices in transport, restaurant and miscellaneous goods and services. Inflation decelerated in alcoholic beverages and tobacco, and furnishing, household equipment and routine maintenance of the house.

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Original content

Consumer prices rose beyond the government’s target in January this year due to higher food costs, the Philippine Statistics Authority (PSA) reported. The country’s headline inflation continued its uptrend as it accelerated further to 4.2 percent at the beginning of the year, the highest recorded since February 2019. Inflation last December was registered at 3.5 percent, while in January 2020, 2.9 percent. The latest inflation figure is also above the Bangko Sentral ng Pilipinas’ forecast range of 3.3 percent to 4.1 percent. “The overall inflation was primarily pushed up by the higher annual increment of the heavily-weighted food and non-alcoholic beverages at 6.2 percent during the month, from 4.8 percent in December 2020,” PSA said in a statement. In particular,the price of pork rose 17.1 percent in January.Also contributing to the uptrend were the higher ...

Source: Mb