JUST IN: February inflation eased to 8.6% Inflation in February decelerated to 8.6 percent from a 14-year high of 8.7 percent in January as price increases of certain food commodities and energy eased, the Philippine Statistics Authority said Tuesday.
The latest figure, however, remained higher than 3 percent registered a year earlier.
National statistician and civil registrar general Dennis Mapa said among the 13 commodity groups, “transport was the sole driver of the downtrend of the overall inflation during the month, recording a 9.0 percent inflation rate in February 2023 from 11.1 percent inflation in January 2023. “We must rethink our strategies to combat rising food prices. The country’s current high inflation is largely driven by domestic, supply-side constraints. Agricultural imports were ill-timed and food supplies have been inadequate. The solution is to get to the root of the problem, including fixing the bottlenecks along all segments of the agricultural value chain,” said NEDA Secretary Arsenio Balisacan.
The country’s chief economist also emphasized the importance of targeted social protection programs in helping the nation’s poorest families and vulnerable sectors cope with the impact of inflation.
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