The inflation rate in February 2021 has increased to 4.7% due to the impact of calamities, the African swine fever (ASF), and higher price of crude oil.
According to the Philippine Statistics Authority (PSA), the inflation rate has slightly increased compared to the 4.2% in January 2021. However, the average price of pork has dropped from ₱368 to ₱323 in Metro Manila.
Price increase of domestic petroleum, fish due to limited supply, and rice over the end of the main harvest season have contributed to the fast rise in inflation.
The Bangko Sentral ng Pilipinas (BSP) disclosed that it is still within the forecast range of 4.3 to 5.1%.
“Average inflation is expected to remain within the 2.0 -4.0 percent target range over the policy horizon,” the BSP stated. – Report from Naomi Tiburcio
