Philippines Inflation At 22-Month High
The Philippines’ inflation rose to the highest level in twenty-two months in December, data from the Philippine Statistics Authority showed on Tuesday.
The consumer price index rose 3.5 percent annually in December, following a 3.3 percent increase in November. Economists had expected a 3.1 percent rise.
The latest inflation was the highest since February last year, when it was 3.8 percent.
The latest inflation was mainly due to the 4.8 percent rise in prices in the heavily-weighted food and non-alcoholic beverages.
Health cost grew 2.6 percent and transportation charges gained 8.3 percent. Prices for restaurant and miscellaneous goods and services rose 2.5 percent.
Core inflation, which excludes prices of selected food and energy items, rose to 3.3 percent in December from 3.2 percent in the previous month.
On a monthly basis, consumer prices rose 0.7 percent in December, after a 0.9 percent increase in the prior month.