Bilyonaryo - Business

Getting hotter: Inflation tightens grip on PH households, zooms to 14-year high

February 7, 2023

Bilyonaryo.com

Inflation hurtled past expectations to hit 8.7 percent in January driven by surging utility, housing and food prices, tightening stranglehold on the Philippine economy.

Consumer prices zoomed to a 14-year high, according to data released by the Philippine Statistics Authority.

Inflation rose to only 8.1 percent last December.

The January print – the highest annual rate recorded since November 2008 – increases the prospect of the central bank acting more aggressively to mitigate price pressures.

Also contributing to the increase in inflation was restaurants and accommodation services with an inflation rate of 7.6 percent from 7.0 percent in December last year.

Core inflation, which excludes selected food and energy items in the headline inflation, rose to 7.4 percent in January from 6.9 percent in December 2022.

Related News Tags: Consumer prices, inflation, Philippine economy, Philippine Statistics Authority

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