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Philippines Inflation At 26-Month High

The Philippines’ inflation rose to the highest in twenty-six months in February, data from the Philippine Statistics Authority showed on Friday.

The consumer price index rose 4.7 percent annually in February, following a 4.2 percent increase in January. This was in line with economists’ expectation.

The rate was the highest since December 2018, when prices rose 5.1 percent.

The latest inflation was mainly due to the rise in the heavily-weighted food and non-alcoholic beverages by 6.7 percent.

Prices for alcoholic beverages and tobacco grew 12.2 percent yearly in February. Transportation cost grew 10.4 percent and prices for restaurant and miscellaneous goods and services rose 3.2 percent.

Meanwhile, prices for furnishing, household equipment and routine maintenance fell 2.4 percent.

Core inflation, which excludes prices of selected food and energy items, rose to 3.5 percent from 3.4 percent in the previous month.

On a monthly basis, consumer prices rose 0.1 percent in February, following a 1.1 percent increase in the prior month.

The material has been provided by InstaForex Company – www.instaforex.com