Inflation eases to 2.8% in Jan

Driven mainly by the slower increases in food prices, inflation eased further to 2.8 percent in January, according to the Philippine Statistics Authority (PSA).

- LOUELLA DESIDERIO

In a press briefing, National Statistician Dennis Mapa said headline inflation, or the rate of increase in the average prices of goods and services typically purchased by consumers, slowed to 2.8 percent in January from 3.9 percent in December 2023. Inflation was recorded at a sizzling 8.7 percent in January last year.

Mapa said the January inflation print is the lowest in more than three years or since the 2.3 percent recorded in October 2020.

The January inflation rate is within the Bangko Sentral ng Pilipinas’ forecast range of 2.8 to 3.6 percent for January.

Driving the downtrend in the inflation rate was the slower increment in food and non-alcoholic beverages, at 3.5 percent in January from 5.4 percent a month ago.

Inflation for food alone was at 3.3 percent in January, lower than the 5.5 percent in December last year.

Food prices are expected to improve this year, but some “upside risks” will remain, House committee on ways and means chairman Joey Salceda said.