Contrary to government officials’ and economists’ expectations, the Philippines’ inflation rate spiked to 8.7% in January 2023 instead of slowing down.
MANILA, Philippines –
The Philippine Statistics Authority reported on Tuesday, February 7, that the January figure is the highest since November 2008’s 9.1%. It is also nearly triple the 3% posted in January 2022, showing just how high prices have gone up in a year., when it climbed to a 14-year high of 8.1%.that the surprise January print “will make it difficult” for the Bangko Sentral ng Pilipinas “to justify not raising rates as inflation has not yet peaked.”The government’s economic managers aim for inflation to settle between 2.5% and 4.5% in 2023.on pork, rice, corn, and coal, which would in effect augment supply.
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