(Eagle News) — Inflation clocked in at 8.7 percent in January 2023, recent Philippine Statistics Authority data showed.
The PSA said this is the highest annual rate recorded since November 2008.
According to the PSA, the main driver in the uptrend was the higher year-on-year increase in the index of housing, water, electricity, gas and other fuels.
This was pegged at 8.5 percent, higher than the 7.0 percent recorded in December 2022.
The PSA said this was followed by food and non-alcoholic beverages pegged at 10.7 percent, an increase from 10.2 percent in December 2022.
Restaurants and accommodation services contributed to the increase in inflation, the PSA said, with their inflation rate of 7.6 percent reported in January 2023, up from the 7.0 percent recorded in December 2022.
The PSA said higher annual increases were also observed in the indices of the following commodity groups:
a. Tobacco and others, 10.9 percent;
b. Clothing and footwear, 4.4 percent;
c. Furnishings, household equipment and routine household maintenance, 5.2 percent;
d. Health, 3.3 percent;
e. Recreation, sport and culture, 4.2 percent; and
f. Personal care, and miscellaneous goods and services, 5.0 percent.
Inflation in Metro Manila, meanwhile, also increased further–from 7.6 percent recorded in December 2022 to 8.6 percent in January 2023.