Business

Inflation shoots up to 25-month high of 4.7%

Rising food and transport prices pushed inflation to a 25-month high of 4.7% in February.

By Eileen Mencias

According to the Philippine Statistics Authority, seven of 11 commodity groups registered price increases.

Contributing also to the uptrend in the overall inflation during the month was the higher increment noted in tobacco and alcoholic beverages, housing and utilities, health, communication, restaurant and miscellaneous goods and services.

Only the furnishing, household equipment and routine home maintenance saw prices decelerate.

Bangko Sentral ng Pilipinas governor Benjamin Diokno said the inflation in February was well within the BSP’s forecast and was consistent with its assessment that inflation would remain elevated in the first half of the year because of weather related disturbances, the African Swine Fever and higher global oil prices.

While inflation is projected to trend upwards, Diokno said this this was driven primarily by supply issues.

Among the regions, inflation was highest in Cagayan Valley at 7.9%, followed by Bicol 7.5%, and Calabarzon 5.8%. Inflation was lowest in Central Visayas at 1%, Zamboanga Peninsula 2% and Davao region 2.7%.

Mapa said 15 of the 16 regions reported increases in inflation. Only Cagayan valley reported a drop in inflation.

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