INFLATION ACCELERATED to a fresh 14-year high in December, as prices of food, particularly vegetables, surged during the holiday season, the Philippine Statistics Authority (PSA) said on Thursday.
Preliminary PSA data showed annual inflation quickened to 8.1% in December, from 8% in November and 3.1% in December 2021. This was the fastest since the 9.1% print in November 2008.poll of 11 analysts conducted last week and within the 7.8-8.6% estimate given by the Bangko Sentral ng Pilipinas .ation breached the BSP’s 2-4% target range.
Vegetable inflation surged 32.4% in December , which Mr. Mapa said was the highest since the 44% in February 1999. Also, December inflation was driven higher by the restaurants and accommodation services index, which climbed to 7% in December , reflecting continued “revenge spending” by Filipinos during the holiday season.
Inflation for the bottom 30% income households, which still use the 2012-based prices, rose to 7.9% in November. This was faster than the 7.7% print in October and 3.3% last year.PSA’s Mr. Mapa also announced the rebasing of its CPI for the bottom 30% income households to a 2018 base from 2012, starting next month for the reporting of January ination in the National Capital Region rose to 7.6% in December, faster than the 7.5% print in November and 2.1% a year ago.
In a note on Thursday, ING Bank N.V. Manila Senior Economist Nicholas Antonio T. Mapa said December may have been the peak for this in“Storm damage to crops may have helped fan price pressures for basic food items but elevated transport and utility costs for nearly a year may have also contributed to price pressures spreading across the CPI basket,” Mr. Mapa said.
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