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Philippines posts highest inflation since March 2019

The Philippines saw a year-on-year inflation rate of 3.5 percent in December 2020, up from 3.3 percent in the previous month, driven by price hikes in food and non-alcoholic beverages, the Philippine Statistics Authority (PSA) said.
Philippines posts highest inflation since March 2019 ảnh 1People shop at a market in Manila, the Philippines, on August 6, 2020 (Photo: AFP/VNA)

Hanoi (VNA) – The Philippines saw a year-on-year inflation rate of 3.5percent in December 2020, up from 3.3 percent in the previous month, driven byprice hikes in food and non-alcoholic beverages, the Philippine StatisticsAuthority (PSA) said.

PSAleader Dennis Mapa told the press in a virtual conference that this is thehighest inflation recorded since March 2019.

Theinflation uptrend was primarily fueled by a 4.8-percent increase in theinflation of heavily-weighted food and non-alcoholic beverages during themonth, compared to the rise of 4.3 percent in November.

ThePhilippines' annual average inflation for 2020 was 2.6 percent, still withinthe government’s targeted range of  2 - 4percent, so the country has yet to consider immediate monetary easing measuresto aid the pandemic-hit economy, according to the PSA./.
VNA
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