The major index of the local stock exchange continued to fall on Tuesday in part…
Inflation in January 2023 reaches 8.7%
According to a study released on Tuesday by Dennis Mapa, the undersecretary of the Philippine Statistics Authority (PSA), the nation’s headline inflation rate rose to 8.7 percent in January 2023 from 8.1 percent in December 2022.
According to Mapa, the pace of increases in prices for goods and services in January of this year is higher than the inflation rate of 3 percent in January 2022.
According to him, the primary causes of last month’s inflation, which was 8.5 percent and contributed 50.8% to the upward trend in inflation in January, were housing, water, electricity, gas, and other fuels.
“Rental housing is the major thing that weighs the most in terms of housing, water, electricity, gas, and other fuels. He said in a combination of English and Filipino, “I believe they have modified the prices due to the opening up of the economy (in) January.
According to Mapa, rental rates were consistent over the past three years during the peak of the pandemic, with inflation coming in at 2.5% in 2020, 1.3% in 2021, and 2.5% in 2022.
He claimed that the acceleration of price rises in the preceding month was a result of the hikes in the water tariff and energy rates.
The greater inflation at the beginning of 2023 was also a result of rising food and non-alcoholic beverage costs. These increases are primarily attributable to the cost of fruits, nuts, vegetables, milk, other dairy products, and other similar items.
Restaurants and lodging services will rank third in terms of inflation in January 2023.
Food-related items saw the fastest price increases in January, primarily in the categories of fruits, nuts, vegetables, tubers, and the like, as well as sugar, confections, and sweets.
Rice, flour and bread, oils and fats, ready-made food and other food products, on the other hand, had lesser inflation last month.
Last month, the National Capital Region (NCR) saw 8.6 percent inflation, compared to 8.7 percent in regions outside the NCR (AONCR).
Housing, water, electricity, gas, and other fuels continue to be the main causes of inflation in both the NCR and the AONCR in January.
Western Visayas, according to Mapa, had the highest rate of inflation in January, at 10.3 percent.
This year, the government expects inflation to range between 2.5 and 4.5 percent.
Despite the year’s high inflation rate, Mapa said that the government will still be able to meet its inflation target with the help of actions to restrain price increases.***
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