Inflation steady in January, price of food remains the same
The Department of Finance (DOF) said the inflation rate in January may have remained unchanged from that of December’s price increase of 3.3 percent.
Based on the latest economic bulletin, inflation of food and non-food items was steady despite the rise in the transport rate, which is a lagged response from last month’s fuel rate hike.
Declines in housing, utilities and fuels, clothing and footwear, and recreation and culture all contributed to offset the upward pressure from the transport sector.
“Good economic growth maintains stable prices and in turn, provides stimulus for further growth. This virtuous cycle tempers adverse external pressures arising from petroleum and transport inflation,” DOF said.