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Financial News: Philippines Inflation At 14-Year High To 8.1%

Philippines Inflation At 14-Year High To 8.1%

01/05/2023 - 04:58:00 (RTTNews)

(RTTNews) - The Philippines' inflation accelerated to the highest level in more than fourteen years, mainly led by food prices, data from the Philippine Statistics Authority showed on Thursday.

The consumer price index grew 8.1 percent annually in December, following an 8.0 percent rise in November. Economists had forecast a rise of 8.2 percent.

The latest inflation was the highest since November 2008, the agency said.

Core inflation, which excludes volatile food and energy items, rose to 6.9 percent in December from 6.5 percent in November.

The statistical office attributed the high inflation to a 10.2 percent annual increase in food and non-alcoholic beverages and a 7.0 percent surge in prices in restaurant and accommodation services.

Prices for alcoholic beverages and tobacco grew 10.7 percent and those of personal care, and miscellaneous goods and services gained 4.5 percent.

Prices for furnishings, household equipment, and routine household maintenance advanced by 4.8 percent and those of health rose by 3.1 percent.

Prices for recreation and culture, and clothing and footwear climbed by 3.9 percent, each.

On a monthly basis, consumer prices rose a seasonally adjusted 0.3 percent in December, after a 0.7 percent growth in the previous month.

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