NextGen Day

Despite the increased pace of price increases in December, the nation’s average inflation rate for 2022 is still within the Development Budget Coordination Committee’s objective of 5.8 percent.

According to Philippine Statistics Authority (PSA) Undersecretary Dennis Mapa, headline inflation in December 2022 was 8.1 percent, up from the previous month’s rate of 8 percent and the previous year’s rate of 3.1 percent.

According to Mapa, inflation in December 2022 will be the highest since November 2008.

According to him, the increase in food and non-alcoholic beverage prices last month, which totaled 10.2% percent and contributed 38.9% to the rise, was the main cause of the higher inflation rate.

Despite the fact that noche buena price hikes during the holiday season accelerated total inflation and food inflation, he said, other goods, particularly vegetables, had a substantial impact on the spike in price increases last month.

According to Mapa, the food basket’s inflation rate alone was 10.6%. The food basket inflation was most heavily influenced by vegetables, which contributed 2.7 percentage points, followed by meat (1.4), sugar, confections, sweets (1.2), fish (1.1), and flour and bakery goods (1%).

According to him, the rate of inflation for vegetables was 34 percent in December 2022, the most since February 1999, and vegetable inflation alone was 32.4 percent.

As the year began with negative inflation for vegetable products, he continued, the yearly average inflation rate for vegetables was 7.8 percent in 2022.

The National Capital Region’s (NCR) inflation rate also increased, from 7.5 percent in November of last year to 7.6 percent in December of this year, primarily due to increases in restaurant and lodging service prices.

Due to the quicker pace of price rises in the food and non-alcoholic drinks index, inflation in locations outside of NCR last month was 8.2 percent, up from 8 percent in November 2022.

The Bangsamoro Autonomous Region in Muslim Mindanao had the lowest inflation, at 6.3 percent, while Western Visayas had the highest, at 10.5%.

Risk-reducing speed

Mapa claimed that the PSA has observed a reduction in the rate of increase in prices of goods and services in the latter part of 2022, despite the upward trend in inflation from the previous year.

Between September and October, the increase was 0.8 percentage points, but it slowed to 0.3 percentage points in November and 0.1 percentage points in December.

According to the data, the risk has decreased month after month, according to Mapa.

Despite a slowing in price increases in other commodity groupings, he claimed that the price increases in the food basket will continue to have an impact on the inflation rate in January 2023.

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