Business News Asia
Ronnarong Poonphiphat, director of the Office of Trade Policy and Strategy (OCP) at the Ministry of Commerce, said the consumer price index (CPI), rose 3.23% in January from a year earlier, while the core price index increased 0.52% in January.
The increase in headline inflation to 3% was primarily due to rising energy prices, while the increase in fresh food prices did not have a significant impact on the CPI rise.
The Ministry of Commerce does not yet consider the 3% inflation rate to be a cause for concern, as it is considered soft inflation. The government sees no reason to take measures to curb inflation now. Overall inflation is between 1% and 3%, which is considered appropriate for the economy, according to officials.
The Philippine Statistics Authority (PSA) reported Wednesday that inflation fell to 3% year-on-year in January. With this, inflation is rising less compared to 3.2% in December 2021.
Dennis Mapa, head of the statistics office, said inflation did not rise that much in January, as prices for housing, water, electricity, gas and other fuels fell to 4.5% in January from 5.1% in December 2021.
In other sectors, such as clothing and footwear, prices rose by 2%, home accessories and home repairs by 2.4%, and shipping costs by 7%.
Meanwhile, the Philippine Statistics Authority (PSA) has changed the Consumer Price Index (CPI) for all high-income households from the base year 2012 to the base year 2018.