(Eagle News) — Inflation accelerated to 8.1% in December 2022, Philippine Statistics Authority data showed.
According to the PSA, this is a 0.1 increase in acceleration from the 8.0 percent recorded in November 2022.
“This is the highest inflation rate reported for 2022 and the highest since November 2008,” the PSA said.
The higher inflation was primarily brought about by the faster year-on-year growth rate in the index of food at 10.2 percent, from the 10.0 percent recorded the month before, the PSA said.
It said this was followed by the category of restaurants and accommodation services, with inflation rate accelerating to 7.0 percent from 6.5 percent in November 2022.
In third place was the housing, water, electricity, gas and other fuels category, also with a faster inflation rate of 7.0 percent from the 6.9 percent inflation recorded the month before.
The PSA said the following other commodity groups recorded higher year-on-year increments in December 2022:
a. Tobacco, 10.7 percent;
b. Clothing and footwear, 3.9 percent;
c. Furnishings, household equipment and routine household maintenance, 4.8 percent;
d. Health, 3.1 percent;
e. Recreation, sport and culture, 3.9 percent; and
f. Personal care, and miscellaneous goods and services, 4.5 percent.
The PSA said, meanwhile, a lower annual increase was observed in the transport index at 11.7 percent in December 2022, from the 12.3 percent in November 2022.
Inflation for information and communication (0.7%), education services (3.6%), and financial services (0.0%) remained at their previous month’s rates.
In Metro Manila, meanwhile, inflation moved at a faster pace of 7.6 percent.
Inflation refers to the rate at which good and services increases.