The country’s inflation rate is expected to remain elevated, even reaching up to 8.6 percent in December, driven by persistently high costs of food and energy, the Bangko Sentral ng Pilipinas said in its report. Know more:
THE country’s inflation rate is expected to remain elevated, even reaching up to 8.6 percent in December, driven by persistently high costs of food and energy, the Bangko Sentral ng Pilipinas said in its report.“Upward price pressures for the month are expected to emanate from higher electricity rates, uptick in the prices of agricultural commodities, elevated meat and fish products and higher LPG [liquefied petroleum gas] prices,” the BSP said.
Year-to-date, the country’s inflation rate was at 5.6 percent, above the government’s target of between 2 to 4 percent. However, he said, the higher inflation in November largely owed to the typhoons which affected the supply of vegetables, fish and seafood prices, among others.
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