The latest figure is lower than the 3.9% posted in December 2023, and the 8.7% recorded in January 2023
Prices of goods accelerated at a slower pace for the fourth straight month in January, as food prices continued to stabilize.
The Philippine Statistics Authority on Tuesday, February 6, reported that the inflation rate in January eased further to 2.8%, which is well within the government’s target range of 2% to 4%.
The latest figure is lower than the 3.9% posted in December 2023, and the 8.7% recorded in January 2023.
National Statistician Dennis Mapa said in a briefing on Tuesday that the slowdown was driven by food and non-alcoholic
beverages (from 5.4% in December 2023 to 3.5% in January 2024); housing, water, electricity, gas, and other fuels (from 1.5% to 0.7%); and transport (from 0.4% to -0.3%).
The Bangko Sentral ng Pilipinas earlier projected that lower prices of vegetables and sugar would contribute to downward price pressures.
But it had said that higher prices of rice, meat, fruits, and fish, along with increased petroleum prices as well as electricity and water rates, could drive up inflation.
On Tuesday, gasoline and diesel prices went up for the fifth straight week.
Gasoline increased by P0.75 per liter and diesel by P1.50 per liter.