Inflation. INQUIRER STOCK IMAGE
MANILA, Philippines — Inflation settled at 2.9 percent in January, unchanged from December, after a negative rice price growth offset the increase in the cost of other food items and utilities, the Philippine Statistics Authority said on Tuesday.
But the January reading was higher than the 2.8 percent median estimate in an Inquirer poll of 14 economists last week.
Still, inflation settled within the 2.5-to-3.5 percent forecast range of the Bangko Sentral for last month.
At a press conference, National Statistician Claire Dennis Mapa said higher prices of food items like tomatoes, pork, and galunggong (round cad) contributed to the price gains last month.
Costlier rent, water bills, and LPG were also a source of upward price pressures.
But rice, a major food staple, posted a price growth of -2.3 percent, cushioning the faster inflation in other commodities.