MANILA– Year-on-year inflation in the Philippines accelerated to 8.1 percent in Dec, from eight percent in Nov, the highest since Nov, 2008, the Philippine Statistics Authority (PSA) said, today.

In a news conference, PSA head, Dennis Mapa, said, the Philippines’ average inflation rate for 2022 stood at 5.8 percent, higher than the 2021 average at 3.9 percent.

Mapa attributed the faster Dec inflation rate, to the growth rate in food and non-alcoholic beverages, at 10.2 percent, followed by restaurants and accommodation services, 7.0 percent; the housing, water, electricity, gas and other fuels, 7.0 percent.

Socio-economic Planning Secretary, Arsenio Balisacan, said, faster food inflation is driven by higher prices of vegetables (32.4 percent) and sugar (38.8 percent) amid higher input costs and lower production.

“Weather disturbances in the previous months disrupted farmers’ planting calendar,” Balisacan said, adding, the higher demand due to the holiday season also pushed inflation up for restaurant and accommodation services.

Meanwhile, the PSA said, the core inflation, which excludes volatile food and energy items in the headline inflation, rose to 6.9 percent in Dec.

Source: NAM NEWS NETWORK