The country’s inflation rate has risen to 4.2 percent in January amid transport fares and rising prices of food such as pork and vegetables.
Based on the data of the Philippine Statistics Authority (PSA), the January figures went up from last December’s 3.5 percent.
The price of pork rose to 17.1 percent from 10 percent, while the cost of vegetables increased to 21.2 percent from 19.7 percent and that of fruits to 9 percent from 6.3 percent.
Inflation has been mostly felt in Mega Manila and Cagayan Valley which were affected by short supplies in meat and vegetable due to the impact of African Swine Fever and typhoons.
National Statistician Dennis Mapa said “there is a high probability” for inflation to increase in the coming months if prices of meat, fish, fruits, and vegetables continue to rise.
The January 2021 inflation went beyond the forecast range of the Bangko Sentral ng Pilipinas between 3.2 to 4.1 percent.
“Average inflation is still seen to settle within the 2-4 percent target range over the policy horizon. The projected uptrend in inflation is seen to be temporary,” the BSP elucidated.
The government has implemented measures to respond to the meager supply of food products like pork by setting a price ceiling and expanding import volumes.
“This recommendation, as well as the recommendation to create a subtask group on economic intelligence to go after smugglers, profiteers and hoarders of agricultural products were approved by the president,” Cabinet Secretary Karlo Nograles said. – Report from Naomi Tiburcio
